My fiance and I changing mortgage lender for our penthouse in Middlesbrough with Yorkshire BS. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two questions (1) Is this document specific to the Yorkshire BS conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
We're in Middlesbrough, FTBs purchasing with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
It has been five months following my purchase conveyancing in Middlesbrough completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £305k and identified one close by in Middlesbrough I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. There is not much else in Middlesbrough suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
My brother has recommend that I instruct his lawyers for conveyancing in Middlesbrough. Do I take his advice?
There are no two ways about it the ideal way to choose a conveyancing practitioner is to get guidance from friends or family who have actually used the firm that you are contemplating using.
Are there any distinct benefits to choosing a local lawyer in Middlesbrough
Home movers in Middlesbrough opt for a nearby high street solicitor so that they can visit if they have concerns, and to collect documents rather than depending on the Royal Mail.
There is a slight edge when selecting a lawyer nearby to a premises you are purchasing, due to the familiarity of the region and potential local issues - however this is moot. Many conveyancers carry out their communications over the internet and could be practically anywhere.