My partner and I changing mortgage lender for our penthouse in Notting Hill with Virgin Money. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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 repossessed. I have a couple of questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we purchased 3 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Notting Hill? What am I being asked for?
Notting Hill conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Proof of source of funds is also necessary under the money laundering regulations as lawyers are mandated to investigate that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the proceeds of criminal behaviour.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Notting Hill is the location of the property. What do you suggest?
Flying freeholds in Notting Hill are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Notting Hill you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Notting Hill may decide 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 residence.
Do I need to be suspicious by third parties that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Notting Hill conveyancing firm?
As is the case with many service providers, often recommendations from connections can be very helpful. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all recommend conveyancers to retain. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You are free to appoint your own lawyer. Don't forget that some lenders specify a panel list of law firms you have to use for the mortgage related work in your house move.
In surfing the web for the term on line conveyancing in Notting Hill it brings up numerous conveyancersin the vicinity. With so much choice what is the best way to find the right conveyancing solicitor for my move?
The preferential way of seeking the right conveyancer is via trusted referral, so ask colleagues and those you trust who have bought a property in Notting Hill or a respected estate agent or financial adviser. Costs for conveyancing in Notting Hill vary, so it's advisable to obtain at least three fee estimates from different law firms. Make sure that you clarify that the costs are guaranteed not to increase.