My fiance and I intend to remortgage our apartment in Camberwell with Nottingham. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we bought 4 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Why do I have to pay up front for conveyancing in Camberwell?
Where you are retaining lawyers for conveyancing in Camberwell your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this should be required shortly before exchange of contracts. The final balance that is needed will be payable shortly before completion.
Should our solicitor be making enquiries concerning flooding as part of the conveyancing in Camberwell.
Flooding is a growing risk for lawyers carrying out conveyancing in Camberwell. Some people will buy a property in Camberwell, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous checks that may be undertaken by the buyer or by their lawyers which will give them a better appreciation of the risks in Camberwell. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to find out if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the vendor, then a purchaser may commence a compensation claim as a result of such an misleading answer. The buyer’s solicitors will also order an environmental report. This will higlight if there is a recorded flood risk. If so, additional inquiries will need to be initiated.
How does conveyancing in Camberwell differ for newly converted properties?
Most buyers of new build property in Camberwell approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Camberwell typically 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 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 Camberwell or who has acted in the same development.
Am I better off to go with a Camberwell conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can conduct the conveyancing but her office is 300kilometers drive away.
The primary upside of using a high street Camberwell conveyancing practice is that you can visit the firm to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that must surpass using an unknown Camberwell conveyancing solicitor solely due to them being round the corner.