My husband and I are refinancing our flat in Bembridge with Coventry BS. We have a son approaching twenty 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. 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 a couple of concerns (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights 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 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.
Can I use your services to recommend a Conveyancing solicitor in Bembridge even if I’m not buying or selling a house, for instance where I want to buy an office in Bembridge with a loan from Yorkshire Building Society?
The service is primarily there to locate residential conveyancing solicitors in Bembridge but we have listed towards the bottom of this page a few Bembridge commercial conveyancing firms. You should enquire with the company directly to establish if they can also act for Yorkshire Building Society
What does a local search inform me about the property my wife and I buying in Bembridge?
Bembridge conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance PSG The local search is essential in every Bembridge conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications applicable to the premises (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 13 topic headings.
The deeds to my property are lost. The lawyers who handled the conveyancing in Bembridge 10 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title official documentation to establish that you are the owner of your registered land or premises, given that the Land Registry have everything they need in a digital format.
I decided to have a survey completed on a property in Bembridge prior to instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders may not give a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bembridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to appointing a Bembridge conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Bembridge conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Bembridge conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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If the firm is not ALEP accredited then why not?
I acquired a 1 bedroom flat in Bembridge, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Bembridge with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2102
With only 76 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.