My fiance and I changing mortgage lender for our penthouse in Silverstone with Leeds Building Society. 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 reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had 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?
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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 it comes to mortgage companies such as Santander, do Silverstone property lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
How can we tell if a Silverstone conveyancing solicitor on the Skipton panel is any good?
When it comes to conveyancing in Silverstone seeking recommendations is a sensible 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 advise that you speak with the solicitor handling your transaction.
It is unclear whether my bank requires a lease extension. I have telephoned my Silverstone bank branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Silverstone conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing a new build house in Silverstone with a loan from The Mortgage Works. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my solicitor about the side-deal as it could put at risk my mortgage with The Mortgage Works. Is this normal?.
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.
My uncle has encouraged me to use his conveyancing solicitors in Silverstone. Do I take his guidance?
Much as we are happy to recommend a Silverstone conveyancing lawyer the ideal way to select a conveyancing solicitor is to seek feedback from friends or family who have previously instructed the firm you're considering.
My parents cant seem to find their Silverstone land registry title on the online search facility. They recall that 50 years ago when they purchased the property there were complications regarding Silverstone not being identified on some systems.
Almost all residences in Silverstone should show up. Have you limited your search with just the postcode. Usually it will mention all the premises inside the postcode. Assuming the property is registered it will show up with a title number. If they bought 50 years ago it's conceivable it may be unregistered. The address may still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title documentation which could be with your parent’s mortgage company.