My wife and I intend to remortgage our apartment in Bucklesham with . We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults 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 property is forfeited by the lender. I have two concerns (1) Is this form unique to the conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your 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 . This is solely used to protect 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 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.
Why do I have to pay up front when it comes to conveyancing in Bucklesham?
If you are buying a property in Bucklesham your lawyer will request that you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the purchase price then this will be required immediately in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a couple of days ahead of the completion date.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather use a Bucklesham based conveyancing firm?
Do check but the the probability is that allocate you one of their panel solicitors if you accept the "fee-free" deal. Call the bank to ask if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Bucklesham.
We were going to get a DIP from this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do recommend any Bucklesham solicitors on the conveyancing panel, or is it better to go independently?
You will need to appoint Bucklesham solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.
It is not clear whether my bank requires a lease extension. I have telephoned my Bucklesham bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Bucklesham conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their specific requirements. I have no idea who is right.
Your has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Bucklesham solicitor - who is on the conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
will need an independent valuation of the property. Your lawyer will not arrange this. Usually will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Bucklesham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Due to the guidance of my in-laws I had a survey completed on a property in Bucklesham before appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may refuse to issue a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bucklesham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bucklesham to see if the conveyancing will be more expensive.