My husband and I intend to remortgage our penthouse in Isleworth with Barclays. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose 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 apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 occur in sale conveyancing in Isleworth and am I required to be at the solicitors branch?
If you are local to one of the conveyancing solicitors in Isleworth you are invited in to sign documents. However, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you by post or email. The signing of the property agreement is not when everything is set in stone. Signing on the dotted line simply enables the conveyancer to officially exchange at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Isleworth)to be in the office at the appropriate time.
It has been four months following my purchase conveyancing in Isleworth concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Isleworth differ for new build properties?
Most buyers of new build or newly converted property in Isleworth come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Isleworth usually acquire 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 Isleworth or who has acted in the same development.
My husband and I are FTB’s - agreed a price, yet the estate agent advised that the seller will only issue a contract if we instruct their recommended solicitors as they want an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Isleworth
It is unlikely the sellers are behind this. If they want ‘a quick sale', alienating a serious purchaser is likely to cause more damage than good. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to instruct your preferred Isleworth conveyancing lawyers - not the ones that will give their negotiator at the agency a introducer fee or meet his conveyancing targets pre-set by HQ.