My wife and I intend to remortgage our maisonette in Yaxley with Bank of Ireland. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of 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 3 years ago (2) Does our son by signing this compromise 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.
My fiance and I intend to purchase a newbuild apartment in Yaxley with a loan from Platform Home Loans Ltd.We have a Yaxley conveyancing practitioner but Platform Home Loans Ltd informed us her practice is not on their "panel". We have to appoint a Platform Home Loans Ltd panel solicitor or keep our high street solicitor and fork out for a Platform Home Loans Ltd panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Platform Home Loans Ltd approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
Will my lawyer be asking questions concerning flooding during the conveyancing in Yaxley.
The risk of flooding is if increasing concern for lawyers dealing with homes in Yaxley. There are those who purchase a property in Yaxley, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that can be undertaken by the buyer or by their conveyancers which should figure out the risks in Yaxley. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may issue a claim for damages stemming from an incorrect response. The purchaser’s conveyancers will also conduct an enviro search. This will disclose whether there is any known flood risk. If so, additional inquiries will need to be initiated.
Are there restrictive covenants that are commonly picked up during conveyancing in Yaxley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Yaxley. 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…’
I am buying a new build flat in Yaxley. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Yaxley
-
Please confirm the Lease plans are architect prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants.
The lawyers handling our conveyancing in Yaxley has forwarded documents to review that state the land is unregistered with epitome documents. Why is the property not registred at HMLR?
It is rare for premises in Yaxley to be unregistered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Yaxley conveyancing solicitors should be familiar with this type of conveyancing but in the event that uncertainty reigns the usual guidance presently appears to be for the current owners to register the title first and thereafter sell - this no doubt result in a significant delay.