My partner and I intend to remortgage our flat in Delabole with Santander. We have a son 18 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 property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Santander conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Santander conveyancing panel solicitor is doing the right thing 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 Santander. This is solely used to protect Santander 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 Santander 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.
Do lawyers request money up-front when it comes to conveyancing in Delabole?
If you are buying a property in Delabole your solicitor will ask you place them with monies to cover the search fees. Generally this is needed to cover the fees of the Local Authority Search. If any deposit is payable against the total price then this will be needed immediately ahead of exchange of contracts. The closing balance that is needed should be transferred a couple of days ahead of the completion date.
I am buying a terraced house in Delabole. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Delabole you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Delabole.
How does conveyancing in Delabole differ for newly converted properties?
Most buyers of new build residence in Delabole approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Delabole typically purchase the site, 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 accustomed to new build conveyancing in Delabole or who has acted in the same development.
Do online conveyancing companies cover everything a high street Delabole solicitor does or must I retain a solicitor for the final stages for my conveyancing in Delabole?
If you use an online conveyancer they will undertake all the work your Delabole conveyancer will cover.