My fiance and I changing mortgage lender for our apartment in Yoxall with Virgin Money. We have a son approaching twenty who lives at home. 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 property is repossessed. I have two questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we bought 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 Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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 is leasehold purchase conveyancing in Yoxall is more expensive?
Yoxall leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am currently in the process of buying my council flat in Yoxall. I have a mortgage offer with UBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I can not fathom if my bank requires a lease extension. I have called my Yoxall bank branch on various occasions and was told they are content with the situation and they would lend. My Yoxall conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their published requirements. I have no idea who is right.
Your solicitor has to follow the CML Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After weeks of negotiation I have agreed a price on an apartment in Yoxall. My financial adviser suggested a conveyancer. I paid an upfront payment of £150. Soon after, the conveyancer contacted me to say that they were not on the Skipton 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 Skipton 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.
How does conveyancing in Yoxall differ for newly converted properties?
Most buyers of new build residence in Yoxall come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Yoxall typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Yoxall or who has acted in the same development.
In my capacity as executor for the estate of my grandmother I am disposing of a house in Monmouth but live in Yoxall. My solicitor (who is 260 kilometers awayhas requested that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in Yoxall to witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are Yoxall based