My husband and I are refinancing our penthouse in Llandyrnog with Clydesdale. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Clydesdale conveyancing panel as he did not need to sign this form when we bought 4 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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 can the exchange of contracts take place for purchase conveyancing in Llandyrnog and am I required to attend the conveyancers branch?
Where you are in close proximity to our conveyancing solicitors in Llandyrnog you are invited in to sign documents. That being said, the firms we work with provide a nationwide conveyancing service and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to officially exchange when the time is right, 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 involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Llandyrnog)to be in the office available at the end of the phone to exchange contracts.
We wanted to use a conveyancing solicitor in Llandyrnog for our home move. Our broker has since advised us that our mortgage company Clydesdale won't deal with them. Surely this is unfair competition?
Before the recession most banks had a different appetite for risk. Almost all Llandyrnog conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms relating to their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Llandyrnog conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Llandyrnog is amongst the thousands of areas where the lawyers we list are members of the panel for Clydesdale.
I completed on my apartment on 4 March and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Llandyrnog expressed confidence that it should be concluded inside ten days. Are properties in Llandyrnog uniquely lengthy to register?
As far as conveyancing in Llandyrnog is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any interested parties. At present approximately three quarters of submission are fully dealt with within 12 days but occasionally there can be longer hold-ups. Registration takes place after the new owner has moved in to the property so registration formalities is not always an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
The lawyers undertaking our conveyancing in Llandyrnog has forwarded documents to review that indicate that the property is unregistered with epitome documents. Is it not the case that all properties in Llandyrnog are registered?
Most property in Llandyrnog is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Llandyrnog conveyancing solicitors will be capable of dealing with such matters but where uncertainty exists the conventional guidance nowadays is for the vendor’s solicitor to address the registration formalities first and thereafter deal with the dispose of the property to the purchaser - this will predictably cause a significant delay.