My partner and I swapping mortgage lender for our penthouse in Broughton In Furness with Aldermore. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. 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 questions (1) Is this form unique to the Aldermore 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 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 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.
It is is a decade since I bought my property in Broughton In Furness. Conveyancing lawyers have recently been retained on the sale but I can't track down the deeds. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be retained by the mortgage company or they could stored with the lawyers who oversaw the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Broughton In Furness involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when buying a house in Broughton In Furness? or Apparently there is a law dating back centuries that means some house owners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel within the church. Is this appropriate for conveyancing in Broughton In Furness?
Unless a previous acquisition of the premises took place post 12 October 2013 you could expect solicitors handling conveyancing in Broughton In Furness to remain recommending a chancel search and or insurance against a claim.
I am looking for a leasehold apartment up to £305k and identified one close by in Broughton In Furness I like with a park and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Broughton In Furness in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I was advised by a number of property agents in Broughton In Furness to choose a solicitor on your site. Is there a financial advantage for Estate Agents to market your lawyers rather than alternative conveyancing organisations?
We refuse to offer any financial incentive for directing people to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
New build sellers have recommended to me a property lawyer and I've sought an estimate from them. They are almost £250 less expensive than my family Broughton In Furness conveyancer. Should I use them?
Developers frequently have panels of property lawyers who are quick and who know the seller’s documentation and conveyancing practitioner. As many developers offer an inducement to choose a preferred solicitor for this reason, any increased fees can be avoided and a developer will not recommend a conveyancing warehouse and run the risk of having the conveyancing delayed when they demand an exchange within a tight deadline. A counter-argument for not agreeing to use the suggested conveyancer is that they may be unwilling to fight for your interests at the risk of upsetting the sellers. Where you have concerns that this may be the case you should remain with your high street Broughton In Furness property lawyer.