Is the fact that my solicitor in Woolton is not listed on my lender's solicitor panel that there is a problem with the quality of her work?
That would most likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Woolton conveyancing firm and ask them why they are no longer on the approved list for your bank.
My fiance and I changing mortgage lender for our penthouse in Woolton with Bank of Ireland. We have a son approaching twenty who lives with us. Our solicitor requested us to identify 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, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
3 months have elapsed following my purchase conveyancing in Woolton concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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.
How does conveyancing in Woolton differ for new build properties?
Most buyers of new build residence in Woolton come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Woolton usually purchase the site, 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 conveyancing solicitors 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 used to new build conveyancing in Woolton or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Woolton ahead of retaining solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Woolton. Conveyancing may be slightly more expensive based on your lender's requirements.
What is the reason for my conveyancing practitioner requiring various items of identification before they can proceed with selling or purchasing a property in Woolton?
Woolton conveyancers are required by the Law Society, SRA, the Land Registry and current Money Laundering legislation to certify that the have checked the identity of their clients. It is also sometimes a condition of your lender if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, NI number and DOB.