My husband and I changing mortgage lender for our flat in Stockbridge with Kent Reliance. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his entitlement 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 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.
My wife and I are purchasing a flat in Stockbridge. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had appointed conveyancers locally in Stockbridge on the Kent Reliance solicitor panel. They are now charging me a supplemental charge for handling the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancer may levy a fee for this. This fee is not set by Kent Reliance but by your Stockbridge property lawyer. Numerous firms on the Kent Reliance panel will charge an ‘acting for lender’ fee and others do not.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Stockbridge bank branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Stockbridge conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
As long as the conveyancer is on the mortgage company panel, they must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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.
Should my solicitor be making enquiries regarding flooding during the conveyancing in Stockbridge.
Flooding is a growing risk for conveyancers dealing with homes in Stockbridge. Some people will purchase a house in Stockbridge, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a various checks that can be carried out by the purchaser or by their solicitors which can give them a better appreciation of the risks in Stockbridge. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to discover if the property has suffered from flooding. If the property has been flooded in past which is not notified by the vendor, then a purchaser may commence a claim for damages as a result of such an misleading answer. A purchaser’s conveyancers may also carry out an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
four months have gone by since my purchase conveyancing in Stockbridge concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 property 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Stockbridge is where the house is located. Can you shed any light on this issue?
Flying freeholds in Stockbridge are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stockbridge you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stockbridge may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.