My fiance and I are refinancing our penthouse in Newbridge with Nationwide. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. 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 questions (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 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 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.
My property lawyer in Newbridge has never been on on the Virgin Money Conveyancing Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are not on the Virgin Money panel?
The limited options available to you here include:
- Complete the purchase with your preferred Newbridge solicitors but Virgin Money will need to retain a solicitor on their list of acceptable firms. This will result in additional overall conveyancing charges and cause frustration.
- Choose an alternative lawyer to to deal with the purchase, obviously checking they are Convince your solicitor to use their best endeavours to join the Virgin Money conveyancing panel
How does conveyancing in Newbridge differ for new build properties?
Most buyers of new build or newly converted property in Newbridge come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Newbridge typically purchase the land, 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 conveyancing solicitors 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 Newbridge or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Newbridge is where the house is located. What do you suggest?
Flying freeholds in Newbridge are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newbridge you would need to get your solicitor to go 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 Newbridge 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.
I need to retain a conveyancing solicitor for purchase conveyancing in Newbridge. I happened to chance upon a web site which seems to have the perfect answer If it is possible to get all formalities done via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My wife and I purchased a leasehold flat in Newbridge. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Newbridge who acted for me is not around. Any advice?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Newbridge conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Newbridge - Examples of Questions you should ask before Purchasing
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The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this situation the lessees enjoy control and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. For many Newbridge leaseholds the outlay for major works are not included within service charges, although a few managing agents in Newbridge require leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for major works.