My wife and I intend to remortgage our flat in Southborough with Nationwide. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we bought 3 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 Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
The deeds to my home can not be found. The conveyancers who dealt with the conveyancing in Southborough 10 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your solicitor should be aware exactly where to locate all the suitable paperwork so you can buy or sell your property without any difficulty. If duplicates can’t be located, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on your property.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Southborough is where the house is located. What do you suggest?
Flying freeholds in Southborough are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southborough you must be sure that your lawyer goes 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 Southborough 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.
Taking into account that I will soon part with over three hundred thousand on a garden flat in Southborough I wish to have a conversation with the lawyer concerning thehome move ahead of instructing the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor due to be carrying out your conveyancing in Southborough.There is no ‘factory style conveyancing’ - each client is an important person, not a case number. The practices that we put you in touch with believe that the figure you are provided with for your conveyancing in Southborough should be the amount on the final invoice that you end up paying.
Our lawyer in Southborough has discovered a a legal deficiency with the lease for the property we are purchasing in Southborough. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.