My partner and I intend to remortgage our maisonette in Northwich with Bank of Ireland. 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 reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
What does my ID and proof of funds have anything to do with my conveyancing in Northwich? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. Where you are unwilling to hand over identification documents, your solicitor can not take you on as a client.
I'm the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Northwich. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Most banks would take a practical view as this obligation principally exists to identify the purchase and immediately sell or the quick reselling of property.
Planning on purchasing a flat in Northwich. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Northwich lawyer is on the UBS conveyancing panel.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Northwich solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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. You may wish to consider appointing your own Northwich surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been pointed in your direction by a few property agents in Northwich to choose a solicitor on your site. Is there a financial inducement for Estate Agents to promote your services over alternative conveyancing organisations?
We refuse to offer any financial incentive for directing people our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
What tools are available to find a Northwich conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 15kilometers to attend the solicitor.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Northwich and you will see a number of lawyer located nearest Northwich. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.