My wife and I changing mortgage lender for our penthouse in Ryhope with Bank of Ireland. 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 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 property is forfeited by the lender. I have two concerns (1) Is this form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 house in Ryhope is up for sale and I have a buyer. Does the conveyancing practitioner need to be required to be on the RBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
I just bought a house at auction in Ryhope. Conveyancing is needed. What is next?
Having for in every practical sense signed on the dotted line you will need to instruct a conveyancing practitioner soon as you now have a pending a fixed date to complete the property. An auction property will ordinarily have a corresponding auction set of papers. This will include most,if not all of the paperwork that your conveyancer will need. If you have purchased leasehold property the conveyancing papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You need to give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in order to complete on the date specified in the contract.
I have been advised by my conveyancer that lack of right of way insurance is necessary on my purchase. What is the level of cover for Ryhope conveyancing?
The right level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Santander and The Mortgage Works. Conveyancing lawyers as opposed to members of the public take out such insurances.
I have decided to exercise my right to buy my property in Ryhope off the council. I have a mortgage offer with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
We are downsizing from our home in Ryhope and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the buyers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Ryhope. We have lived in Ryhope for three years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should 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 ailment)
We are four weeks into a residential purchase having been referred to a firm by the selling agent to perform conveyancing in Ryhope. I am not happy. Can you you assist me in finding new lawyers?
A solicitor would have to be really bad to suggest changing them. Has your mortgage offer been issued? If so you need to make them aware of the new contact details and get the loan are re-sent. Your new conveyancer needs to be on the mortgage company panel to avoid added expenses and delays. So that should be your first question of the new conveyancers. The find a solicitor tool will assist you in finding a bank approved conveyancer for your conveyancing in Ryhope
Looking forward to complete next month on a leasehold property in Ryhope. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ryhope should include some of the following:
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What options are open to you if another tenant in the building is in violation of a provision in their lease? Changes to the flat specifics of the parties to the lease, for example these could be the lessee, superior lessor, freeholder How long the lease is. You should receive guidance as what happens when the lease expires, and aware of the importance of the 80 year mark
I am the registered owner of a 2 bed flat in Ryhope, conveyancing was carried out in 2012. Can you work out an approximate cost of a lease extension? Corresponding properties in Ryhope with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2094
With only 68 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.