My fiance and I are refinancing our flat in Torrington with Kent Reliance. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Kent Reliance 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 Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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 have been told that property searches are the main cause of delay in Torrington conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Torrington.
four months have gone by since my purchase conveyancing in Torrington took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been pointed in your direction by numerous property agents in Torrington to select a property lawyer on your site. Is there a financial upside for Estate Agents to promote your lawyers over another?
We refuse to give any commission for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to use a Torrington conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can perform the conveyancing however his firm is located a couple of hundredkilometers away.
The benefit of a local Torrington conveyancing practice is that you can drop in to sign documents, deliver your ID and pester them if necessary. They will also have local intelligence which is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were impressed that should outweigh using an unfamiliar Torrington conveyancing solicitor just because they are based in the area.