My fiance and I are refinancing our apartment in Nailsworth with TSB. 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 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
Can you help - my lawyer says that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Nailsworth?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I am the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Nailsworth. The Nailsworth property was put into my name in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be treated the same way as though I had purchased the house in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view lenders take of it, depend on the bank as this requirement is principally there to identify the purchase and immediately sell or the flipping of property.
I recently had an offer accepted on an apartment in Nailsworth. My financial adviser pressured me to appoint their conveyancer. I paid an advanced payment of £225. Shortly after, the solicitor called me sheepishly admitting that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
A colleague recommended that if I am buying in Nailsworth I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Nailsworth conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Nailsworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about Nailsworth.
How does conveyancing in Nailsworth differ for new build properties?
Most buyers of new build property in Nailsworth approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because developers in Nailsworth usually purchase 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 used to new build conveyancing in Nailsworth or who has acted in the same development.
What makes your site different to alternative internet conveyancing brokers when it comes to conveyancing in Nailsworth?
At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Nailsworth. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you instruct them for your property ownership legalities in Nailsworth