My husband and I changing mortgage lender for our penthouse in Cheslyn Hay with Barclays. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 property is repossessed. I have two concerns (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this compromise 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
At what point does exchange of contracts happen for domestic conveyancing in Cheslyn Hay and do I need to attend the solicitors office?
Where you are in close proximity to one of the conveyancing solicitors in Cheslyn Hay you are invited in to sign the paperwork. That being said, the law practices we recommend provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you digitally. The executing of the sale agreement is not the point of no return. Signing on the dotted line is necessary for the firm to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cheslyn Hay)to be in the office available at the end of the phone to exchange contracts.
My fiance and I wish to acquire a 3 bedroom flat in Cheslyn Hay with a mortgage from Barclays .We use our Cheslyn Hay conveyancing solicitor but Barclays informed us her practice is not listed on their "panel". We have to appoint a Barclays panel lawyer or retain our preferred solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Barclays use our lawyer?
No, not really. The mortgage issued to you is subject to its various provisions, a common one being that lawyers will be on the Barclays solicitor panel. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Barclays
Is it the case that all Cheslyn Hay solicitors on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Coventry BS conveyancing panel they would need to be governed by the SRA. Many mortgage companies do allow licenced conveyancers on their panel and in such a situation the firms would be overseen by the CLC.
My husband and I have arranged a further advance on our home loan from Leeds Building Society as we intend to conduct alterations to our house in Cheslyn Hay. Are we obliged to choose a nearby Cheslyn Hay solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society would not normally appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I currently have a mortgage with RBS for my property in Cheslyn Hay. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
You must advise RBS in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel firm.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Cheslyn Hay is the location of the property. Can you offer any opinion?
Flying freeholds in Cheslyn Hay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cheslyn Hay you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cheslyn Hay may determine 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.