My husband and I changing mortgage lender for our flat in Bacup with RBS. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 flat is repossessed. I have two concerns (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
Do I need to take out insurance to cover chancel repairs when buying a house in Bacup?
Unless a previous purchase of the house completed after 12 October 2013 you can expect lawyers delivering conveyancing in Bacup to continue to suggest a chancel search and or chancel repair liability policy.
My wife and I have a renovated Georgian house in Bacup. Conveyancing lawyer acted for me and Nottingham Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bacup and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing practitioner who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Bacup is where the house is located. Is there any guidance you can give?
Flying freeholds in Bacup are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bacup you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bacup may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Planning to complete next month on a garden flat in Bacup. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bacup should include some of the following:
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Will you be prohibited or prevented from having pets in the property? You should have a good understanding of the insurance provisions specifics of the parties to the lease, e.g. these could be the leaseholder, superior lessor, freeholder The physical extent of the demise. This might be the apartment itself but might incorporate a loft or cellar if applicable. Responsibility for repairing the window frames
I purchased a 1st floor flat in Bacup, conveyancing was carried out October 2010. How much will my lease extension cost? Comparable properties in Bacup with a long lease are worth £222,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2096
With just 71 years unexpired the likely cost is going to range between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
How up-to-date is your search tool for the lender conveyancing panel in Bacup? Do the banks send you an updated list?
Bacup law firm practices and firms conducting conveyancing in Bacup themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.