My partner and I intend to remortgage our flat in Kingsbridge with UBS. We have a son 19 who lives with us. 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 UBS conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right 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 UBS. This is solely used to protect UBS 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 UBS 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.
Will my conveyancer be asking questions regarding flooding as part of the conveyancing in Kingsbridge.
The risk of flooding is if increasing concern for lawyers dealing with homes in Kingsbridge. There are those who purchase a property in Kingsbridge, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Kingsbridge. The standard completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to find out if the premises has ever been flooded. If the property has been flooded in past and is not revealed by the vendor, then a purchaser could issue a claim for damages as a result of such an inaccurate reply. A buyer’s lawyers should also carry out an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Kingsbridge I like with open areas and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Kingsbridge suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I have been pointed in your direction by a number of property agents in Kingsbridge to get a quote from a solicitor using your seach tool. Is there a financial incentive for Estate Agents to promote your site over and above another?
We don’t offer any commission for directing people our way. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am 18 days into a residential purchase having been recommend to conveyancers by the high street agent to handle our conveyancing in Kingsbridge. I am am extremely dissatisfied with the level of service. Can you you assist me in finding new conveyancers?
A solicitor would need to be really bad to suggest diss instructing them. Has the loan offer been issued? In the event that it has you must advise them of the new contact details and ensure the offer are re-sent. The conveyancer needs to be on the mortgage company panel to avoid added costs and complications. So that should be your first question of the new solicitors. The search tool should assist you in finding a bank approved solicitor for your home move in Kingsbridge
What type of premises does your Kingsbridge conveyancing estimates relate to?
Our conveyancing quotes are only applicable to standard domestic premises in England & Wales. Should you have any different requirements for example industrial or agricultural property or commercial conveyancing in Kingsbridge you should telephone us to discuss this further .