My wife and I are refinancing our apartment in Forest Row with Leeds Building Society. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form 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 questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we remortgaged 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
When will exchange of contracts happen for purchase conveyancing in Forest Row and am I required to attend the solicitors branch?
If you are local to our conveyancing solicitors in Forest Row you are welcome to attend to sign contracts. That being said, the firms we recommend provide a nationwide conveyancing service and provide as equally detailed and professional a job for you when communicating with you electronically. The executing of the contract is not the important part. A signed contract simply enables the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Forest Row)to be in the office at the appropriate time.
I'm buying a new build house in Forest Row with a mortgage from The Royal Bank of Scotland. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my lawyer about the deal as it could jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Forest Row is where the house is located. What do you suggest?
Flying freeholds in Forest Row are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Forest Row you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forest Row may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Forest Row. I happened to land on a site which appears to be the perfect solution If it is possible to get all this stuff done via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?