My husband and I changing mortgage lender for our penthouse in Sherborne with Lloyds. We have a son 18 who lives with us. Our solicitor has asked us to disclose 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 property is repossessed. I have a couple of questions (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise his rights 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 I use your services to find a Conveyancing solicitor in Sherborne even where I’m not buying or disposing of a house, for instance where I intend to buy a shop in Sherborne with a loan from Godiva Mortgages Ltd?
Our search tool is primarily used to help choose residential conveyancing solicitors in Sherborne but we have listed at the end of this page a selection of Sherborne commercial conveyancing firms. You will need to enquire with the firm directly to check if they can also act for Godiva Mortgages Ltd
We are selling our house in Sherborne. Does the conveyancing practitioner have to be required to be on the Leeds Building Society conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
Various internet forums that I have come across warn that are a common cause of delay in Sherborne conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Sherborne.
I am buying a new build house in Sherborne benefiting from help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my solicitor about this side-deal as it may impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.