My fiance and I changing mortgage lender for our maisonette in Southville with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults 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 flat is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 3 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.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Southville?
Unless a previous purchase of the property took place post 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in Southville to continue to propose a a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified as part of conveyancing in Southville?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Southville. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Southville I like with amenity areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Southville for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Is it possible to switch solicitor as I have to retain a firm on the Nationwide Building Society conveyancing list. I hired a local conveyancing solicitor in Southville five minutes from me but the firm is not accepted by Nationwide Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Southville on the Nationwide Building Society panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Southville. Using search facility on this website, you can scrutinise charges for conveyancing solicitors in Southville and throughout England and Wales.
I am in need of some leasehold conveyancing in Southville. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Southville - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Southville Leasehold Conveyancing - Examples of Queries Prior to buying
-
The majority of Southville leasehold apartments will have a service charge for maintenance of the building levied by the management company. If you buy the apartment you will have to meet this contribution, normally periodically during the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a exorbitant amount, say around £25-£75 but you need to enquire as sometimes it can be surprisingly expensive. You will want to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. You should not be shy to ask other tenants what they think of them. In conclusion, be sure you know the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds. How many of the leaseholders are in arrears for their maintenance charge payments?