My partner and I changing mortgage lender for our maisonette in Watnall with Coventry BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we bought 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 Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
I own a freehold house in Watnall but still charged rent, why is this and what is this?
It is rare for properties in Watnall and has limited impact for conveyancing in Watnall but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
What can a local search reveal concerning the house I am buying in Watnall?
Watnall conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Searchflow The local search is essential in every Watnall conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
How does conveyancing in Watnall differ for new build properties?
Most buyers of new build or newly converted property in Watnall approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Watnall tend to buy the land, 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 conveyancers 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 Watnall or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Watnall in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Watnall. Conveyancing will be smoother if you use a solicitor in Watnall especially if they are accustomed to such properties in Watnall.
Taking into account that I am about to spend £400,000 on a garden flat in Watnall I would like to talk to a solicitor concerning theconveyancing ahead of instructing the firm. Is this something that you can arrange?
Absolutely - we would be pleased to talk to you we do not take any clients on without you first talking to the solicitor who will be conducting your property ownership legalities in Watnall.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Watnall should be the figure that you end up paying.