My wife and I intend to remortgage our penthouse in Ebbw Vale with . We have a son 19 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 flat is repossessed. I have two questions (1) Is this form unique to the conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights 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 . This is solely used to protect 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 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.
Why do I have to pay up front for my conveyancing in Ebbw Vale?
Where you are retaining lawyers for conveyancing in Ebbw Vale your lawyer will ask you to provide them with monies to cover the search fees. Generally this is requested to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this will be asked for shortly before exchange of contracts. The final balance that is due will be payable shortly before completion.
My lender has suggested solicitors on their panel based in Ebbw Vale but I would rather choose a conveyancing lawyer in Ebbw Vale local to me. Are you able to help?
Far from all Ebbw Vale conveyancing practitioners are on all lender’s conveyancing panel. Please make use of the above find an approved solicitor tool to locate a Ebbw Vale conveyancing firm on the on the bank panel.
How does conveyancing in Ebbw Vale differ for newly converted properties?
Most buyers of new build property in Ebbw Vale approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Ebbw Vale typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Ebbw Vale or who has acted in the same development.
I need to retain a conveyancing solicitor for some conveyancing in Ebbw Vale. I happened to land on a web site which appears to be the ideal solution If it is possible to get all this stuff completed via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?