My husband and I are refinancing our flat in Hulme with Principality. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. 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 document specific to the Principality conveyancing panel as he did not need to sign this form when we remortgaged 3 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 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.
I own a freehold residence in Hulme but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Hulme and has limited impact for conveyancing in Hulme but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What can a local search tell me regarding the property we're buying in Hulme?
Hulme conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance PSG The local search is essential in every Hulme conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
How does conveyancing in Hulme differ for newly converted properties?
Most buyers of new build property in Hulme approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Hulme usually purchase 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 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 accustomed to new build conveyancing in Hulme or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Hulme in advance of instructing lawyers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some banks will not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hulme. Conveyancing will be smoother if you use a solicitor in Hulme especially if they are familiar with such properties in Hulme.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Hulme. I've discover a web site which seems to have the perfect offering If it is possible to get all formalities completed via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?