My partner and I are refinancing our flat in Bridgnorth with Virgin Money. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish 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.
We are looking to buy a flat and require a conveyancing solicitor in Bridgnorth who is on the Nationwide conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Bridgnorth.
I am in the process of refinancing my flat in Bridgnorth, does my lawyer need to be on the Nationwide Solicitor panel?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been on the look out for a flat up to £235,500 and found one close by in Bridgnorth I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Bridgnorth for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am looking for a conveyancing solicitor in Bridgnorth for my home move. Is there any facility to check a solicitor's complaints history with the profession’s regulator?
Members of the public may find documented Solicitor Regulator Association (SRA) determinations arising from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.