My fiance and I intend to remortgage our flat in Derbyshire with Santander. We have a son 18 who lives at home. 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 flat is repossessed. I have two concerns (1) Is this document specific to the Santander conveyancing panel as he never had 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 Santander 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 Santander. This is solely used to protect Santander 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 Santander 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.
What is the first thing I need to know regarding purchase conveyancing in Derbyshire?
You may not hear this from too many lawyers but conveyancing in Derbyshire and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and others involved in the ownership transfer. E.g., the seller, estate agent and on occasion a lender. Choosing a law firm for your conveyancing in Derbyshire is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose interest is to look after your best interests and to keep you safe.
Every so often a potential adversary will try and persuade you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your conveyancer is dragging his heels. Or your financial adviser may tell you to do something that is contrary to your conveyancers guidance. You should always trust your lawyer above all other parties in the home moving process.
I have recentlybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Derbyshire for a purchase of a freehold house 18 months ago. How can I check that the property is in my name in the name of the previous owner?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Derbyshire conveyancing specialists.
How does conveyancing in Derbyshire differ for newly converted properties?
Most buyers of new build residence in Derbyshire come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because builders in Derbyshire tend to acquire the site, 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 property lawyers 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 Derbyshire or who has acted in the same development.
When it comes to leasehold conveyancing in Derbyshire what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Derbyshire. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I bought a 1 bedroom flat in Derbyshire, conveyancing was carried out May 2011. Can you work out an approximate cost of a lease extension? Comparable properties in Derbyshire with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2084
With just 59 years left to run the likely cost is going to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
My conveyancing in Derbyshire completes next Friday, yet the owners I am purchasing off has asked to vacate the next day at noon. Should I accept this?
Where you need a bank loan then your property lawyer will require that the property isvacant on Friday - the lender will insist on it.