Willinstructing a Redland conveyancing practitioner make my purchase more efficient?
In the main conveyancing lawyers in your neck of the woods will have strong alliances with your local authority, which could help with your Redland conveyancing searches that your lawyer will inevitably need. It can only help if they enjoy strong connections with the Local Land Registry Office your area Redland, other lawyers in the location and Redland property agents.
My fiance and I changing mortgage lender for our penthouse in Redland with RBS. 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 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 apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the RBS 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?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
My husband and I are hoping to buy a newly converted apartment in Redland with a homeloan from Virgin Money.We like our Redland conveyancing solicitor but Virgin Money advised that her practice is not on their "panel". We have to appoint a Virgin Money panel firm or retain our preferred solicitor and pay for a Virgin Money panel lawyer to represent them. This seems very unfair; Can we not simply insist that Virgin Money use our lawyer?
No, not really. The mortgage issued to you contains various provisions, one of which will be that conveyancers must be on the Virgin Money conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Virgin Money
Various web forums that I have come across warn that are the number one reason for hinderance in Redland conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Redland.
Over the last few months I have been searching for a flat up to £305k and found one near me in Redland I like with a park and transport links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Redland suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease may be an issue. Reduce the price by the expected 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 can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I own a leasehold flat in Redland. Conveyancing was completed in 2011. I have been told that I should not allow the the remaining lease term to get too short. Is this right?
Redland leasehold properties are for a set period - normally ninety nine years when they commenced. However many flats in Redland were constructed or converted in the 60’s and so these leases now have fewer than eighty years remaining. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions generally require leases to have a minimum of seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To enhance the saleability of your property you should be considering whether to extend your lease well in advance of selling the property. You should note that there are advantages to taking action before the lease hits eighty years as when the lease is below eighty years the amount you have to pay to extend starts to get a lot more expensive.