My wife and I changing mortgage lender for our apartment in Woodford with Nottingham. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We are looking to buy a house and require a conveyancing solicitor in Woodford who is on the Nottingham approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in Woodford.
I am selling my home in Woodford. Will the conveyancing practitioner have to be on the Coventry BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
How does conveyancing in Woodford differ for new build properties?
Most buyers of new build premises in Woodford approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Woodford typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Woodford or who has acted in the same development.
We're new to the buying process - agreed a price, but the property agent informed us that the seller will only go ahead if we use their chosen conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a family conveyancer used to conveyancing in Woodford
It is unlikely the sellers are driving this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Speak to the vendors direct and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you intend to appoint your own,trusted Woodford conveyancing solicitors - not the ones that will provide the estate agent a kickback or achieve conveyancing targets demanded by HQ.
My husband and I are buying a first floor flat in Woodford. At the point of instructing our conveyancer, they said that they were on all major UK bank panels. The financial adviser emailed yesterday to say that they are not on the Nationwide approved list. If it turns out to be true, what should we do? Do we just pick a new conveyancing practitioner that is on their approved list or should we pay for separate representation, with Nationwide appointing their own preferred conveyancing practitioner.
When purchasing a property with mortgage finance it is usual for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some building societies now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Nationwide to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Nationwide's conveyancing panel as you are at liberty to use your preferred Woodford lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another conveyancing practitioner into the mix.