My husband and I are refinancing our maisonette in Romiley with Bank of Ireland. We have a son approaching twenty who lives at home. 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 repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 3 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 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.
Do I need to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Romiley so that I can attend their offices if necessary.
Nowadays conveyancing panel lawyers for mortgage companies conduct their work via Royal Mail, e-mail or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in the country. Nevertheless you should see if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a two bedroom flat in Romiley. Do I collect the keys to the property on the completion date from my solicitor? If so, I will find a High Street conveyancing solicitor in Romiley?
On the day of completion you do not need to attend the conveyancers office in Romiley. Your solicitors will electronically transfer the purchase money to the owner’s lawyers, and once they have received this, you should be called to collect the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
I am the single recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Romiley. The Romiley property was put into my name in March. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be treated the same way as if I'd bought the property in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this obligation primarily exists to capture subsales or the flipping of properties.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Romiley bank branch on a couple of occasions and was advised it wasn't an issue and they will lend. My Romiley conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
The conveyancer must follow the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Just had an offer accepted on a new build flat in Romiley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Romiley
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Romiley I like with amenity areas and transport links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Romiley suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Our estate agent has suggested using their conveyancing practitioner for the conveyancing in Romiley - won’t it be better to just instruct them?
This is not necessarily the case and you are entitled to instruct whichever lawyer you prefer for your Romiley home move. The conveyancer recommended by a 3rd party adviser may not always be the best lawyer, they may put forward their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.