My husband and I are refinancing our penthouse in Bishopston with Bank of Ireland. We have a son 19 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 flat is forfeited by the lender. I have two questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this compromise 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
Completed the sale of my flat in Bishopston last May yet the purchaser is SMS messaging me to say their conveyancer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your sale your conveyancer is duty bound to forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. If applicable, your lawyer should also confirm that the legal charge in favour of the lender has been redeemed to the purchasers lawyers. There are no post completion procedures specific conveyancing in Bishopston.
I am purchasing a semi-detached house in Bishopston. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bishopston you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bishopston.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Bishopston?
Its becoming the norm that commercial conveyancing solicitors in Bishopston will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Bishopston. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Bishopston.
For each commercial conveyancing transaction in Bishopston it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Bishopston commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Bishopston.
I am looking for a ground for flat up to £235,500 and found one round the corner in Bishopston I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Bishopston suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years may be an issue. 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 property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Our lawyer in Bishopston has uncovered a defect with the lease for the apartment we are buying in Bishopston. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Bishopston conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the bank