My husband and I intend to remortgage our flat in Patcham with Nottingham. We have a son 18 who lives with us. 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, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
When will exchange of contracts take place for residential conveyancing in Patcham and do I need to be at the lawyers branch?
Where you are round the corner to our conveyancing solicitors in Patcham you are welcome to attend to sign contracts. However, the law practices we work with offer a national conveyancing service and give just as detailed and professional a job for you when dealing with you by post or email. The executing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the solicitor to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Patcham)to be in the office available at the end of the phone to exchange contracts.
I just bought a flat at auction in Patcham. Conveyancing is necessary. What is next?
Having exchanged you must choose a conveyancing solicitor soon as you now have a tight a drop dead date to complete the conveyancing. An auction property will have a corresponding legal set of papers. This will include most,if not all of the documents that your conveyancer will need. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
Can you point me to a directory of Nationwide panel conveyancers in Patcham on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings viewable online. If you are seeking to appoint a Patcham solicitor on the Nationwide please use our tool.
My offer was accepted on a property in Patcham on 29/7/2022, valuation was booked 4 days later, received a clean bill of health. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Me and my brother purchased a renovated Victorian property in Patcham. Conveyancing solicitor represented me and Birmingham Midshires. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Patcham and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
I am purchasing my first flat in Patcham with a loan from Coventry Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about this side-deal as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.