My partner and I swapping mortgage lender for our penthouse in Markyate with Santander. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form 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 questions (1) Is this document specific to the Santander conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his entitlement 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.
I purchased a freehold premises in Markyate but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Markyate and has limited impact for conveyancing in Markyate 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
The Markyate conveyancing solicitors that just started acting on my purchase in Markyate have without warning closed. I chose them because I had to have a lawyer on the UBS conveyancing panel and my previous Markyate lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Will commercial conveyancing searches disclose planned roadworks that could affect a commercial estate in Markyate?
Many commercial conveyancing solicitors in Markyate will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Markyate. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Markyate.
For each commercial conveyancing transaction in Markyate it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Markyate commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Markyate.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Markyate is where the house is located. Can you shed any light on this issue?
Flying freeholds in Markyate are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Markyate you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Markyate may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In searching the internet for the words on line conveyancing in Markyate it brings up numerous conveyancersin the vicinity. How do I determine which is the right property lawyer for purchase transaction?
The preferential way of finding a suitable conveyancer is through a trusted testimonial, so ask friends and family who have bought a property in Markyate or a local estate agent or mortgage broker. Charges for conveyancing in Markyate vary, so it's advisable to obtain at least four quotes from varying types of companies. Be sure to obtain confirmation that the fees are fixed.