My wife and I swapping mortgage lender for our maisonette in Clynderwen with Coventry BS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Coventry BS conveyancing panel as he did not need 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 Coventry BS. This is solely used to protect Coventry 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 Coventry 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 Clynderwen, First timers buying with a mortgage (lender is TSB , and our lawyer is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer 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.
Will my conveyancer be raising enquiries regarding flooding during the conveyancing in Clynderwen.
The risk of flooding is if increasing concern for lawyers dealing with homes in Clynderwen. There are those who purchase a property in Clynderwen, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Clynderwen. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser may issue a compensation claim resulting from an misleading reply. The buyer’s lawyers may also order an enviro report. This should higlight whether there is a recorded flood risk. If so, additional investigations should be conducted.
It has been 3 months following my purchase conveyancing in Clynderwen concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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 ground for flat up to £245,000 and found one near me in Clynderwen I like with open areas and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Clynderwen for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I'm refinancing my current house to a BTL loan with Chelsea Building Society and I will use the rest of the raised equity as a deposit on further property. The neighborhood we are looking at is Clynderwen. Will your lawyers be able to act for the two lenders and tie in the conveyances?
Do use our search tool on this site to be sure that the solicitors are on the relevant lender panels. On the basis that they are the solicitor will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and specify your desired outcome and requirements.