My partner and I intend to remortgage our flat in Longridge with Barclays. We have a son 19 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, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his rights 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 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.
Our bank has recommended solicitors on their panel based in Longridge but I would rather instruct a conveyancing lawyer in Longridge local to me. Can you assist?
Far from all Longridge conveyancing firms are on all banks conveyancing panel. Use the above find an approved solicitor tool to choose a Longridge conveyancing conveyancer on the on the bank panel.
I am the only recipient of my late mum's will with all property in now in my sole name, including the house in Longridge. The Longridge property was put into my name in June. I want to move. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view lenders take of it, depend on the bank as this obligation is principally there to identify subsales or the flipping of property.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Coventry BS are being a right pain. The Longridge solicitor who is on the Coventry BS conveyancing panel is recommending indemnity insurance as a solution but Coventry BS are insisting on a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
After shopping around on the internet I have found a Longridge lawyer having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Longridge postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Longridge.
I opted to have a survey carried out on a house in Longridge ahead of appointing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some banks will refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Longridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Longridge to see if the conveyancing costs will increase in light of this.
I am due to review estimates for conveyancing in Longridge from various property lawyer and appoint one. Should I tell them to hold tight until I I have my bid accepted on a house.
We would recommend that you wait to request your property lawyer to open a file and submit searches once the offer has been agreed to on the property particularly as Longridge conveyancing searches are costly.