My wife and I changing mortgage lender for our flat in North East London with Aldermore. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the Aldermore conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Aldermore 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
I recently had an offer agreed on an apartment in North East London. My mortgage broker suggested a solicitor. I paid an on account payment of £150. A couple of days later, the solicitor contacted me to say that they were not on the Principality 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 Principality 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.
I had an offer accepted on a house in North East London on 13/6/2019, valuation was booked 4 days after, received a clean bill of health. Solicitor appointed, so all that was missing was my mortgage offer. Having made daily calls to HSBC and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the HSBC conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have finally had an offer on a maisonette in North East London accepted, but there is a chain. The owners have placed an offer on on an apartment, however it’s not yet agreed to, and have viewings of other apartments booked. I have selected a nearby conveyancing solicitor in North East London. What should be my next step? When do I get the mortgage application with Barclays going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, North East London conveyancing search charges, etc). First, you must ensure that your conveyancer is on the Barclays approved list. Regarding the next stages this very much dictated by the circumstances of your case, motivation for the property and on the state of the market. During a buoyant market many buyers will apply for a home loan with Barclays and arrange for the valuation and only if it comes back ok would they ask their property lawyer to press on with the conveyancing in North East London.
It has been five months since my purchase conveyancing in North East London took place. I have checked the Land Registry site which shows that I paid £175,000 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 North East London differ for new build properties?
Most buyers of new build or newly converted property in North East London contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in North East London usually buy 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 conveyancers 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 North East London or who has acted in the same development.
My conveyancing in North East London is set to complete next Friday, but the owners I am purchasing from wishes to vacate on the Saturday afternoon. Can I agree to this?
Where you require a bank loan then your lawyer will require that the property isvacant on Friday - the lender will demand it.