My fiance and I swapping mortgage lender for our flat in Common Edge with Coventry BS. 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 forfeited by the lender. I have two questions (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his entitlement 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 Coventry BS. This is solely used to protect Coventry 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 Coventry 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.
What does my ID and proof of funds have anything to do with my conveyancing in Common Edge? Is this really necessary?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Common Edge. Nowadays you will not be able to complete any conveyancing process without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as evidence of identification it needs to be both the paper element and photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of monies is required in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to have this information on file. Your Common Edge conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional queries concerning the source of funds.
I am looking to buy a house and need a conveyancing solicitor in Common Edge who is on the The Mortgage Works conveyancing. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Common Edge. We dont recommend any particular firm.
I have been on the look out for a flat up to £245,000 and found one near me in Common Edge I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Common Edge in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
What type of property do your Common Edge conveyancing quotes apply to?
Our conveyancing quotes are only relevant to standard residential property in England & Wales. Where you have any different needs for instance industrial or agricultural land or commercial conveyancing in Common Edge please contact us to address your requirements .