I am purchasing property in Hexham. My property lawyer is not listed on the mortgage company solicitor panel. Is it possible for me to retain my Hexham conveyancing solicitor even though they are not on the lender panel?
One will need to instruct a solicitor to deal with the legal work required if you need a loan to buy your property. They will carry out all the essential investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in order. One may instruct a Hexham conveyancer of your choice. However, where the conveyancer selected is not a member of the mortgage company approved list further costs will be incurred as separate legal representation will be required by them. Bank panel applications may be submitted, so provided your conveyancer has not in the past sought membership they can do so.
My husband and I changing mortgage lender for our apartment in Hexham with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 5 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 I need to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Hexham so that I can pop in to their offices if necessary.
Nowadays conveyancing panel lawyers for banks conduct their work via Royal Mail, e-mail or over phone calls. This means that they can undertake the conveyancing transaction no matter where you live in England or Wales. However you should check if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Hexham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Hexham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have recently had an offer accepted on a leasehold flat in Hexham and the mortgage adviser that we are dealing with recommended his conveyancer. She quoted £1000 excluding VAT and 3rd party costs. Does this sound steep?
Don't just go on a single quote. One should seek like-for-like quotes for your conveyancing in Hexham. Then pick one that you are comfortable with and crucially, is on the approved list of the bank that you have applied for a mortgage from.