My fiance and I are refinancing our penthouse in Valley with Yorkshire BS. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. 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 a couple of questions (1) Is this form unique to the Yorkshire BS conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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 you explain why leasehold purchase conveyancing in Valley costs more?
Valley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We had instructed conveyancers locally in Valley on the Bank of Ireland solicitor approved list. They are now charging me an additional charge for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. This charge is not dictated by Bank of Ireland but by your Valley solicitor. Some firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee and others do not.
I am purchasing a property in Valley. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As your lender is TSB your lawyer must check the conveyancing requirements set out in Part two of UK Finance Lenders’ Handbook for TSB. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not meet these specifications. The provisions relate to the installation of panels on properties nationwide and is not isolated to Valley.
I recently had an offer agreed on an apartment in Valley. My mortgage broker pressured me to appoint their conveyancer. I paid an advanced payment of £150. Shortly after, the property lawyer called me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I require quick conveyancing in Valley as I am under an ultimatum to sign on the dotted line in less than one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not getting a home loan you have the choice not to do searches although no conveyancer would suggest that you don't. With lots of history conveyancing in Valley the following are examples of issues that can crop up and adversely impact future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
I'm buying my first flat in Valley benefiting from help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not inform my solicitor about this extras as it would affect 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.