My wife and I intend to remortgage our maisonette in Great Sankey with Leeds Building Society. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
At what point can the exchange of contracts happen for domestic conveyancing in Great Sankey and am I required to attend the lawyers branch?
Where you are in close proximity to one of the conveyancing solicitors in Great Sankey you are invited in to sign contracts. That being said, the law practices we recommend provide countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you electronically. The signing of the sale agreement is not when everything is set in stone. Signing on the dotted line is necessary for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Great Sankey)to be in the office available at the end of the phone to exchange contracts.
3 months have gone by following my purchase conveyancing in Great Sankey concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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.
How does conveyancing in Great Sankey differ for newly converted properties?
Most buyers of new build residence in Great Sankey come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Great Sankey usually buy the land, 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 conveyancing solicitors 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 used to new build conveyancing in Great Sankey or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Great Sankey I like with open areas and transport links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Great Sankey in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign 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.
What are the specific benefits to instructing a local solicitor in Great Sankey
A significant proportion of house movers in Great Sankey select a nearby high street conveyancing practitioner so that they can visit if they have concerns, and to collect mortgage deeds rather taking the chance of relying on the post.
One could argue that there is a slight advantage in using a solicitor local to a house you are purchasing, due to the familiarity of the region and potential local concerns - nevertheless this is debatable. Many conveyancers are now via the web and could be based anywhere.