I am getting a mortgage offer from Nat West. My intention is to instruct a Licensed Conveyancer in Bodelwyddan. Does the Nat West Conveyancing panel exclude Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My wife and I are refinancing our maisonette in Bodelwyddan with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 3 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
How does conveyancing in Bodelwyddan differ for newly converted properties?
Most buyers of new build property in Bodelwyddan come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because developers in Bodelwyddan tend to 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 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 accustomed to new build conveyancing in Bodelwyddan or who has acted in the same development.
I decided to have a survey completed on a property in Bodelwyddan in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not grant a loan on this type of property.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bodelwyddan. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been advised by a number of estate agents in Bodelwyddan to find a conveyancer using your seach tool. Is there a financial upside for Estate Agents to offer your services over alternative conveyancing organisations?
We don’t give any financial incentive for directing people to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.