A loan offer from HSBC for the remortgage of my single bedroom flat is coming imminently. Can you propose a cheap conveyancing solicitor in Duston?
This site is not designed to help those in pursuit of a cheap conveyancing solicitors in Duston. We can offer you cost effective conveyancing but we do not advertise as being the cheapest. Resist the temptation to appoint companies offering the bait of low cost conveyancing in Duston. In your best case scenario, in being led by cheap conveyancing, you will earn what you pay for and at worst you will end up invoiced for additional fees and still not end up with the service expected.
My wife and I intend to remortgage our apartment in Duston with Principality. We have a son 19 who lives at home. Our solicitor requested us to identify any adults 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 apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish 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 Principality. This is solely used to protect Principality 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 Principality 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.
What does my ID and proof of funds have anything to do with my conveyancing in Duston? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. Where you refuse to provide identification documents, your solicitor would not be able to act for you.
Will my lawyer be making enquiries about flooding during the conveyancing in Duston.
Flooding is a growing risk for lawyers carrying out conveyancing in Duston. There are those who acquire a house in Duston, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of searches that can be initiated by the purchaser or by their lawyers which can give them a better understanding of the risks in Duston. The conventional set of property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to discover whether the property has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a purchaser could commence a legal claim for losses as a result of such an incorrect answer. The buyer’s solicitors should also carry out an environmental report. This should disclose whether there is any known flood risk. If so, further investigations will need to be carried out.
How does conveyancing in Duston differ for newly converted properties?
Most buyers of new build premises in Duston come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Duston usually 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 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 Duston or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Duston I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Duston for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.