My husband and I changing mortgage lender for our flat in Axmouth and Branscombe with Virgin Money. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his rights 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
I am remortgaging my property in Axmouth and Branscombe, does my lawyer need to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How does conveyancing in Axmouth and Branscombe differ for newly converted properties?
Most buyers of new build premises in Axmouth and Branscombe contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Axmouth and Branscombe tend to acquire 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 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 Axmouth and Branscombe or who has acted in the same development.
My business partner and I are hoping to lease a unit on the high street. Can you recommend solicitors offering fixed fees for non-domestic conveyancing in Axmouth and Branscombe for below £2000?
We can recommend firms who have specialist knowledge of commercial conveyancing in Axmouth and Branscombe, including the sale and purchase of businesses as well as simply property. Whether you are looking to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. As for the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or phone us so that we can supply you with comprehensive commercial conveyancing quote.
What is the reason for my conveyancing practitioner requiring a list of items of ID before I can proceed with my conveyancing in Axmouth and Branscombe?
Axmouth and Branscombe solicitors are required by the Law Society, SRA, HMLR and current AML legislation to record that the have checked the identity of their clients. It will also be a requirement of your lender if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and date of birth.