My partner and I are hoping to purchase a property in Brough and have instructed a Brough conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Mortgage Works have this evening contacted us to advise us that they have now hit a problem as our Brough conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Brough solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My wife and I changing mortgage lender for our apartment in Brough with Clydesdale. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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 questions (1) Is this document specific to the Clydesdale conveyancing panel as he did not need to sign this form when we purchased 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 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.
How up to date is your search tool for Brough conveyancing solicitors on the TSB conveyancing panel? Do TSB send you an updated list?
Brough conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The solicitors who handled the conveyancing in Brough 5 years ago no longer exist. What are my options?
In today’s world there are duplicates made of almost everything, and your lawyer will know precisely where to locate all the appropriate paperwork so you can buy or sell your property without a hitch. Where copies can’t be found, your solicitor can put in place insurance or indemnities protecting you against possible claims on the property.
How does conveyancing in Brough differ for newly converted properties?
Most buyers of new build property in Brough approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Brough usually buy 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 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 used to new build conveyancing in Brough or who has acted in the same development.