My wife and I changing mortgage lender for our penthouse in Rush Green with Bank of Ireland. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 apartment is repossessed. I have two concerns (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we purchased 5 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 Bank of Ireland 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 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 Rush Green? What am I being asked for?
Rush Green conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of source of funds is also required under the money laundering statutes as conveyancers are obliged to investigate that the funds you are utilising to acquire a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the product of criminal activity.
We hope to to buy with Melton Mowbray Building Society. I popped in a few local firms yet cant to find a Rush Green conveyancing firm on the Melton Mowbray Building Society panel. Could you assist?
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type Rush Green or your preferred area and you will be presented with numerous conveyancers offices in Rush Green or by proximity to you.
How can we know in advance if a Rush Green conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Rush Green obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer conducting your conveyancing.
My partner and I have arranged the release of further monies on our home loan from TSB as we want to carry out a loft conversion to our property in Rush Green. Do we need to choose a nearby Rush Green solicitor on the TSB conveyancing panel to handle the paperwork?
TSB do not ordinarily appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
Intending to buy a flat in Rush Green. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB 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 Rush Green conveyancing practitioner is on the TSB conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Rush Green is the location of the property. What do you suggest?
Flying freeholds in Rush Green are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rush Green you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rush Green may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.