My partner and I are refinancing our penthouse in Parkstone with Principality. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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 document specific to the Principality conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this extinguish 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 Principality. This is solely used to protect Principality 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 Principality 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.
Do all mortgage companies provide you with an approved list of Parkstone conveyancing solicitors? How do you know who is on the Skipton conveyancing panel?
Parkstone conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
I have been referred to a conveyancing solicitor in Parkstone. I need to find out if they are accepted on the Leeds Building Society conveyancing panel. Could you help?
The first thing you should do is call your solicitor and ask them whether they can act for the lender. Alternatively please call Leeds Building Society who may be able to help.
Should my lawyer be raising enquiries concerning flooding during the conveyancing in Parkstone.
The risk of flooding is if increasing concern for solicitors dealing with homes in Parkstone. There are those who buy a house in Parkstone, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Parkstone. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine whether the premises has ever been flooded. In the event that the residence has been flooded in past and is not revealed by the owner, then a purchaser may bring a claim for damages stemming from an incorrect response. A purchaser’s conveyancers may also conduct an environmental search. This should disclose whether there is any known flood risk. If so, more detailed investigations will need to be made.
I am looking for a leasehold apartment up to £195,000 and found one close by in Parkstone I like with a park and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Parkstone suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Whilst your website is a good idea there are many lawyers listed near Parkstone being on the mortgage company conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our mortgage company?
We are not in the business of recommending one firm above another as the right Parkstone conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Parkstone knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..