My fiance and I are refinancing our apartment in Lydiate with Lloyds. We have a son 18 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, giving up any 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 Lloyds conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his entitlement 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
My Conveyancer in Lydiate is not listed on the Nationwide Building Society Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Nationwide Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred Lydiate solicitors but Nationwide Building Society will need to use a conveyancer on their panel. This will inevitably rack up the total legal charges and cause delays.
- Choose an alternative practitioner to act in the purchase, not forgetting to check they are Nationwide Building Society approved.
- Try to convince your Nationwide Building Society solicitor to attempt to join the Nationwide Building Society panel
It has been 2 months since my purchase conveyancing in Lydiate took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 property 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 Lydiate differ for newly converted properties?
Most buyers of new build residence in Lydiate contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Lydiate tend to acquire the land, 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 Lydiate or who has acted in the same development.
What can I expect to pay for conveyancing in Lydiate?
Almost all Lydiate conveyancing firms will agree to a set fee. In the event that further work becomes necessary during the transaction your conveyancer must inform you in writing of such additional costs for any work as soon as it becomes obvious. Some work on a no sale no charge basis, others will levy an bill for a percentage of the agreed costs, calculated based on the point at which the conveyancing fails.
We would recommend that you ask two or three firms to send you a quotation.