My wife and I swapping mortgage lender for our maisonette in Watlington with Leeds Building Society. 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 repossessed. I have a couple of concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had 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 Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
How does conveyancing in Watlington differ for new build properties?
Most buyers of new build or newly converted property in Watlington contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Watlington usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Watlington or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Watlington in advance of instructing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will refuse to give a loan on such a home.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Watlington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Watlington to see if the conveyancing costs will increase in light of this.
How do I locate a Watlington solicitor on the Bank of Scotland conveyancing panel? I am a keen cyclist and am prepared to travel upto 20kilometers to meet the conveyancer.
You can use the search on this website. Please pick a mortgage company and your location and you will see a number of Watlington conveyancing lawyers locally. We have detailed some Watlington conveyancing firms at the bottom of this page and you can call them to check if they are on the Bank of Scotland member panel
I'm purchasing a bungalow in Watlington. I can find my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name as listed on the regulator's website. Is this a big problem?
Not every individual in the company must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.