My husband and I are refinancing our penthouse in Brandon with Clydesdale. We have a son 18 who lives at home. 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, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Clydesdale conveyancing panel as he did not need to sign this form when we purchased 5 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
As someone not used to the Brandon conveyancing process what’s your top tip you can give me for the legal transfer of property in Brandon
Not many law firms shout this from the rooftops but conveyancing in Brandon or throughout Suffolk is an adversarial process. In other words, when it comes to conveyancing there exists plenty of room for friction between you and others involved in the ownership transfer. For example, the seller, estate agent and on occasion a mortgage company. Appointing a lawyer for your conveyancing in Brandon should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to protect your legal interests and to keep you safe.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. We recommend that you your first instinct should be to trust your solicitor ahead of the other players when it comes to the legal transfer of property.
I am purchasing a new build house in Brandon with the aid of help to buy. The developers would not budge the amount so I negotiated 6k of additionals instead. The property agent suggested that I not inform my solicitor about this side-deal as it will affect my loan with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Brandon is the location of the property. Can you offer any guidance?
Flying freeholds in Brandon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Brandon you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brandon may decide 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 property.
I am due to consider costs for conveyancing in Brandon from various lawyer and choose one. Am I right to instruct them to sit tight until I have found somewhere to acquire.
You should wait to get your property lawyer to commence work and submit searches once the offer has been accepted on the property particularly as Brandon conveyancing searches are costly.