My husband and I are refinancing our apartment in Ardwick with Aldermore. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Aldermore conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Aldermore 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
Are the Ardwick conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Ardwick conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
The deeds to my property can not be found. The solicitors who handled the conveyancing in Ardwick 5 years ago are no longer around. What are my next steps?
Nowadays there are copies made of almost everything, and your solicitor will be aware precisely where to look for all the appropriate documentation so you can buy or sell your property without any difficulty. If copies are not available, your solicitor may be able to put in place insurance or indemnities against future claims on your premises.
How does conveyancing in Ardwick differ for new build properties?
Most buyers of new build premises in Ardwick come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Ardwick usually 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 accustomed to new build conveyancing in Ardwick or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Ardwick I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Ardwick for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
How much should conveyancing in Ardwick cost?
The amount you are levied for conveyancing in Ardwick can differ considerably from company to company. In the circumstances it all the more critical for you to have a full breakdown of fees before you instruct a solicitor. You should also consider asking a few fee estimate.