My husband and I swapping mortgage lender for our apartment in Darwen with RBS. 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 reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
Are the Darwen conveyancing solicitors identified as being on the UBS conveyancing panel, together with their details provided by UBS?
Darwen conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Darwen. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 27/1/2021, the requirements read as follows :
How does conveyancing in Darwen differ for new build properties?
Most buyers of new build residence in Darwen come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Darwen tend to buy the site, 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 conveyancers 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 Darwen or who has acted in the same development.
Due to exchange soon on a ground floor flat in Darwen. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Darwen should include some of the following:
The total extent of the demise. This will be the apartment itself but might include a roof space or cellar if appropriate. Changes to the flat Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Who has the liability for maintaining the window frames
I purchased a 1st floor flat in Darwen, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Darwen with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2080
With 59 years left to run the likely cost is going to range between £20,900 and £24,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
My conveyancers in Darwen have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.