I was notified yesterday by my mortgage adviser that my Stanmore lawyer is not on the bank Conveyancing panel. What can I do to be certain whether this is indeed the case?
The first thing you need to do is to call your Stanmore conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they may recommend you to a Stanmore conveyancing firm that is on the conveyancing panel for your mortgage company.
My fiance and I intend to remortgage our maisonette in Stanmore with Leeds Building Society. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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 apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we purchased 4 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 Leeds Building Society 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 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.
I am considering refinancing my home in Stanmore, does my lawyer need to be on the Co-operative Conveyancing panel?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Should our lawyer be raising questions regarding flooding during the conveyancing in Stanmore.
Flooding is a growing risk for solicitors specialising in conveyancing in Stanmore. There are those who purchase a property in Stanmore, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or by their solicitors which can figure out the risks in Stanmore. The conventional set of information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover whether the property has ever been flooded. If the property has been flooded in past which is not revealed by the seller, then a buyer may issue a compensation claim resulting from an inaccurate reply. The purchaser’s lawyers will also commission an enviro search. This should indicate if there is a recorded flood risk. If so, additional inquiries will need to be carried out.
I am purchasing my first flat in Stanmore benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The estate agent advised me not inform my conveyancer about this side-deal as it will impact my loan with Aldermore. 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.