My wife and I intend to remortgage our maisonette in Basingstoke with Nationwide. We have a son 18 who lives with us. 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, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish 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 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.
Will our lawyer be asking questions concerning flooding as part of the conveyancing in Basingstoke.
Flooding is a growing risk for solicitors dealing with homes in Basingstoke. There are those who buy a house in Basingstoke, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a number of checks that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Basingstoke. The standard completed inquiry forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to determine if the premises has suffered from flooding. In the event that the premises has been flooded in past which is not disclosed by the seller, then a buyer could commence a compensation claim resulting from an incorrect answer. The buyer’s conveyancers will also carry out an enviro report. This will indicate whether there is a recorded flood risk. If so, further investigations should be carried out.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Basingstoke is the location of the property. Can you shed any light on this issue?
Flying freeholds in Basingstoke are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Basingstoke you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Basingstoke 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 premises.
Am I right to be wary about estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Basingstoke conveyancing company?
As is the case with lots of service providers, often referrals from relatives can be very helpful. But there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend solicitors to appoint. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are free to choose your preferred conveyancer. You need to be aware that some banks specify a panel list of law firms you must use for the mortgage aspect of your transaction.
My husband and I are four weeks into a freehold purchase having been referred to conveyancers by the local agent to do our conveyancing in Basingstoke. I am am very disappointed with the level of service. Can you you assist me in finding new conveyancers?
A lawyer would need to be very bad in order to consider diss instructing them. Has your mortgage been sent? If so you must make them aware of the new contact details and ensure the mortgage documents are re-sent. The conveyancer needs to be on the lenders approved list to avoid supplemental fees and complications. So that should be your starting point. Our search tool can assist you in finding a bank approved solicitor for your conveyancing in Basingstoke
How much should conveyancing in Basingstoke cost?
Almost all Basingstoke conveyancing practices will agree to a set fee. Where extra work arise during the transaction your conveyancing practitioner must disclose to you in writing of any extra charges for any work immediately it becomes obvious. Some practices will agree not to render an invoice if the deal aborts, others will charge a fraction of the set fee, calculated based on the point at which the deal falls through.
We would recommend that you seek two or three conveyancers to send you a quotation.