My husband and I intend to remortgage our penthouse in Pencoed with Bank of Ireland. We have a son 18 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 Pencoed?
Not many law firms or advisers will tell you this but conveyancing in Pencoed and elsewhere in Bridgend is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and others involved in the ownership transfer. For example, the seller, estate agent and even potentially the bank. Appointing a lawyer for your conveyancing in Pencoed should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the legal process whose interest is to look after your best interests and to protect you.
There is a definite ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. We recommend that you your first instinct should be to trust your conveyancer ahead of the other parties when it comes to the legal transfer of property.
I am planning to acquire a property and require a conveyancing solicitor in Pencoed who is on the Nationwide Building Society conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Pencoed. We dont recommend any particular firm.
My colleague recommended that where I am buying in Pencoed I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Pencoed conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Pencoed around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Pencoed Education with plans and statistics, Local Amenities and other useful data regarding Pencoed.
What are your top tips when it comes to finding a Pencoed conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Pencoed conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Pencoed conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
How many lease extensions has the firm conducted in Pencoed in the last 12 months?
I acquired a basement flat in Pencoed, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Pencoed with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2086
You have 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
We are expecting to exchange on the purchase a house in Pencoed but as a result of wreckage from the recent storms I have agreed compensation from the current proprietors of five thousand pounds by way of a adjustment in the price. This was going to be addressed as part of the conveyancing process yet my bank will not agree to this. Why were they involved?
Your conveyancer that is on the bank conveyancing panel is obliged to disclose to the bank of any changes to the sale amount. In the event that you were to refuse your lawyer to disclose the reduction to your bank then they would have to discontinue representing you and the lender.