My husband and I changing mortgage lender for our flat in Kingsthorpe with Virgin Money. We have a son 18 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 two questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
We are downsizing from our house in Kingsthorpe and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Kingsthorpe conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using an internet conveyancing firm rather than a conveyancing solicitor in Kingsthorpe. We have lived in Kingsthorpe for six years we know that this is a non issue. Should we contact our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
It has been three months following my purchase conveyancing in Kingsthorpe concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Kingsthorpe is the location of the property. What do you suggest?
Flying freeholds in Kingsthorpe are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingsthorpe 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 Kingsthorpe may decide 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.
Having had my offer accepted I require leasehold conveyancing in Kingsthorpe. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Kingsthorpe - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Kingsthorpe Leasehold Conveyancing - A selection of Queries Prior to buying
-
Make sure you discover if the the lease includes any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Kingsthorpe. If you like the apartmentin Kingsthorpe however your cat can’t move with you then you will be faced difficult determination. Does the lease contain onerous restrictions? This question is important as a) areas may cause problems in the block as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it
I pay a service charge for my appartment in Kingsthorpe. Due to losing my job and personal issues I fell behind with payments. The management company agreed a payment schedule but there is still approximately £1750 currently outstanding.
I want to dispose of the property and I am concerned this will hold me back if I have to settle the amount due first. Do I have to settle before - is this viable?
You should speak with the property lawyer dealing with your Kingsthorpe conveyancing but it might be possible to agree for the arrears to be attributed to the buyers. The purchase price payable would be adjusted to reflect the amount of debt they assume. They would then pay the outstanding monies once they are the owners.