My husband and I are refinancing our maisonette in Victoria Dock with Lloyds. We have a son 19 who lives with us. Our solicitor requested us to identify 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 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 remortgaged 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Victoria Dock? Is this really necessary?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Victoria Dock. Nowadays you will not be able to proceed with any conveyancing process without first handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Remember if you are supplying your driving licence as evidence of identification it must be both the paper section as well as the photo card part, one is not acceptable in the absence of the other.
Evidence of the origin of monies is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on file. Your Victoria Dock conveyancing practitioner will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional questions regarding the origin of monies.
We're in Victoria Dock, First time buyers purchasing with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I decided to have a survey done on a house in Victoria Dock ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may refuse to give a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Victoria Dock. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to assist me to identify a Victoria Dock law firm on the Birmingham Midshires conveyancing panel? I have a car and am happy to travel upto 10miles to meet the conveyancer.
Feel free to make use of the facility on this page. Please choose the bank and your location and you will see a number of Victoria Dock conveyancing lawyers locally. We have listed some Victoria Dock conveyancing firms towards the end of this page and you can call them to check if they are on the Birmingham Midshires panel