My husband and I swapping mortgage lender for our maisonette in Summerhill with Nationwide. We have a son 18 who lives at home. Our solicitor requested us to identify 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, waiving any legal rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we purchased 5 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 Nationwide 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 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.
Can I use your services to locate a Conveyancing solicitor in Summerhill even if I’m not purchasing or selling a house, for instance where I want to buy an office in Summerhill with a mortgage from Birmingham Midshires?
Our comparison service is predominantly utilised to find residential conveyancing solicitors in Summerhill but we have set out at the end of this page a selection of Summerhill commercial conveyancing firms. You should make contact with the firm directly to see if they can also act for Birmingham Midshires
Please explain the implications if my lawyer’s firm is expelled from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Summerhill?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I bought my house on 14 July and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Summerhill expressed confidence that it should be recorded in less than a month. Are titles in Summerhill particularly slow to register?
There is nothing unique when it comes to conveyancing in Summerhill registration formalities. Rather than based on location, timeframes can differ according to the party submitting the application, whether it is in order and whether the Land registry need to notify any interested persons or bodies. Currently in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration takes place once the purchaser is living at the property therefore registration formalities is not always primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
Is it best to choose a Summerhill conveyancing lawyer who is local to the property I am hoping to buy? An old friend can conduct the legal formalities however his firm is located 300kilometers drive away.
The primary upside of using a high street Summerhill conveyancing practice is that you can drop in to execute documents, deliver your identification documents and apply pressure on them if necessary. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were impressed that should outweigh using an unfamiliar Summerhill conveyancing solicitor solely due to them being local.
I am looking at a two apartments in Summerhill both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
Summerhill Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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If a Summerhill lease has less than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. For most Summerhilllease extensions you would need to own the residence for a couple of years in order to be legally able to carry out a lease extension. Are there any major works in the planning that will add a premium to the maintenance costs? Are any of leasehold owners in arrears of their service charge payments?