My partner and I swapping mortgage lender for our penthouse in Sale with Bank of Ireland. We have a son 18 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 flat is forfeited by the lender. I have two questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his entitlement 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.
4 months have gone by following my purchase conveyancing in Sale concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Sale with a loan from Bank of Scotland. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my conveyancer about this deal as it would impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Sale is the location of the property. Can you offer any guidance?
Flying freeholds in Sale are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sale you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sale may decide 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 premises.
My brother has encouraged me to instruct his conveyancing solicitors in Sale. Should I use them?
There are no two ways about it the best way to choose a conveyancing lawyer is to have referrals from friends or family who have actually used the conveyancer you're considering.
We are midway through purchasing a residence in Sale. Conveyancing solicitor has phoned to say the title is "Leasehold". Should this impact the salability of the property?
Sale conveyancing does not ordinarily involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it’s unlikely to affect the marketability too much.
On the flip side, if it's, say, Sixty years it will have a significant effect on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease which should be made available to your solicitor.