My fiance and I are refinancing our penthouse in Locks Heath with Santander. We have a son 19 who lives with us. Our solicitor requested us to identify 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 property is forfeited by the lender. I have two concerns (1) Is this document specific to the Santander conveyancing panel as he did not need 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?
First, rest assured that your Santander 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 Santander. This is solely used to protect Santander 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 Santander 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.
As a first time buyer what is the most important piece of guidance you can give me regarding purchase conveyancing in Locks Heath?
Not many law firms or advisers will tell you this but conveyancing in Locks Heath and elsewhere in Hampshire is an adversarial experience. Put another way, when it comes to conveyancing there exists lots of opportunity for friction between you and other parties involved in the ownership transfer. For instance, the vendor, selling agent and even potentially the mortgage company. Choosing a law firm for your conveyancing in Locks Heath an important selection as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your best interests and to keep you safe.
There is a distinct creep of a "blame" culture- someone must be at fault for the process taking so long. You must always trust your conveyancer above all other parties when it comes to the legal assignment of property.
I have been on the look out for a ground for flat up to £305k and identified one near me in Locks Heath I like with amenity areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Locks Heath suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension 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 consult your conveyancing lawyer regarding this matter.
I'm converting the mortgage on my primary property to a BTL loan with Nottingham Building Society and I will use the ballance of the raised equity towards a second property. The area we are talking about is Locks Heath. Will your lawyers be able to act for both sets of mortgage companies and tie in the two deals?
Do use our search tool on this site to be sure that the solicitors are approved by both mortgage companies. Having checked that they are the lawyer should be able to tie up the two deals but you should talk with you solicitor and make apparent your desired outcome and requirements.
I need to find a conveyancing solicitor for residential conveyancing in Locks Heath. I've stumble upon a site which seems to have the ideal offering If there is a chance to get all this stuff done via email that would be ideal. Should I be concerned? 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?
Estate agents have just been given the go-ahead to market my 2 bed flat in Locks Heath. Conveyancing solicitors are to be appointed soon, but I have recently received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as normal because all rents and service invoices should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Locks Heath - Examples of Questions you should consider Prior to buying
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The best form of lease structure is a share of the freehold. In this arrangement the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is often employed where it is larger than a house conversion, the managing agent retained by the leaseholders. Is there a share of the freehold? Its a good idea to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. Enquire of prospective neighbours what they think of their management. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending that money.