My husband and I are refinancing our penthouse in Stroud with Nationwide. We have a son 19 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, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Why do I have to pay up front for my conveyancing in Stroud?
Where you are retaining lawyers for conveyancing in Stroud your lawyer will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this should be needed shortly in advance of contracts are exchanged. The final balance that is needed will be payable shortly before completion.
Our bank has recommended a law firm on their panel based in Stroud but I would rather use a conveyancing lawyer in Stroud or nearer to where I live. Can you help?
It is by no means the case that all Stroud conveyancing practitioners are on all lender’s conveyancing panel. Please make the most of our search tool to identify a Stroud conveyancing conveyancer on the on the lender panel.
Do I need to take out insurance to cover chancel repairs when buying a residence in Stroud?
Unless a previous purchase of the house took place after 12 October 2013 you could expect solicitors delivering conveyancing in Stroud to continue to suggest a chancel search and or insurance against a claim.
I am looking for a flat up to £195,000 and identified one round the corner in Stroud I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Stroud in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
We are four weeks into a residential purchase having been referred to solicitors by the local agent to do our conveyancing in Stroud. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new conveyancers?
They would need to be really poor to suggest diss instructing them. Has the mortgage been sent? If so you need to advise them of the new lawyer and ensure the offer are re-issued. Your new conveyancer needs to be on the banks approved list to avoid escalating charges and complications. That should be your starting point. Our search tool will help you find a lender approved solicitor for your conveyancing in Stroud