My partner and I intend to remortgage our penthouse in Wool with Barclays. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 repossessed. I have two concerns (1) Is this form unique to the Barclays conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his entitlement 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wool? Is this really necessary?
To satisfy the Money Laundering Regulations any Wool conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to investigate not simply the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
2 months have gone by since my purchase conveyancing in Wool took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Wool is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wool are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wool you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wool may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My company is intending to take an assignment of a lease of a shop on the high street. Can you recommend conveyancers offering competitive charges for non-domestic conveyancing in Wool for less than 2k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Wool, including the sale and acquisition of businesses as well as simply premises. Whether you are looking to buy or lease a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right solicitor. As for the fees these will vary based on the structure and heads of terms of the deal. Let us have your contact information or phone us so that we may furnish you with a detailed commercial conveyancing quote.
My partner has recommend that I instruct his conveyancing solicitors in Wool. Do I follow his recommendation?
There are no two ways about it it’s preferable to choose a conveyancing solicitor is to seek guidance from friends or family who have actually previously instructed the solicitor that you are considering.