My wife and I intend to remortgage our maisonette in Royton with Bank of Ireland. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form 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 Bank of Ireland 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?
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.
Is there a reason why leasehold purchase conveyancing in Royton is more expensive?
Royton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have todaydiscovered that Stirling Law have closed. They carried out my conveyancing in Royton for a purchase of a freehold house 12 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Royton conveyancing specialists.
How does conveyancing in Royton differ for new build properties?
Most buyers of new build property in Royton approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Royton tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Royton or who has acted in the same development.
Is it simple use the search app to choose a conveyancing practitioner in Royton on the approved list for my bank?
1st choose a bank such as Lloyds TSB Bank, The Royal Bank of Scotland or Clydesdale then choose your preferred area a common one being Royton. Conveyancing firms in Royton and across England and Wales will then be listed.
Am I better off to choose a Royton conveyancing practitioner who is local to the property I am buying? An old friend can execute the conveyancing but her office is 200miles away.
The benefit of a high street Royton conveyancing firm is that you can drop in to execute documents, present your identification documents and pester them if necessary. They will also have local knowledge which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were impressed that should surpass using an unfamiliar Royton conveyancing solicitor just because they are Royton based.