My husband and I swapping mortgage lender for our apartment in Chellaston with TSB. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we purchased 4 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 TSB. This is solely used to protect TSB 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 TSB 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.
Can you explain why leasehold purchase conveyancing in Chellaston costs more?
Chellaston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
The Chellaston conveyancing firm that just started acting on my house acquisition in Chellaston have without warning closed. I chose them because I needed a solicitor on the Clydesdale conveyancing panel and my preferred Chellaston lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who did the conveyancing in Chellaston 5 years ago no longer exist. What are my next steps?
You no longer need to hold title original deeds to establish that you own the land or premises, as the Land Registry have everything they need in a digital format.
Am I right to be suspicious by third parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a High Street Chellaston conveyancing practice?
As is the case with lots of service providers, often input from connections can be extremely useful or valuable. Yet there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies may suggest solicitors to retain. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to appoint your preferred lawyer. You need to be aware that the majority of banks operate an approved list of conveyancers you are obliged to use for the lender related work in your home move.