My fiance and I intend to remortgage our apartment in Sheffield with Bank of Ireland. We have a son 19 who lives with us. Our solicitor requested us to identify any adults 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 apartment is repossessed. I have a couple of questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 4 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 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.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Sheffield?
There are two types of lawyers who can conduct conveyancing in Sheffield namely licenced conveyancers or solicitors. Both professionals handle the legal services that you need to complete the disposal or acquisition of property. Both are required to carry out Sheffield conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly carried out and that the requirements and procedures should be appropriately taken.
Forgive me if this question is silly but I am new to the house moving as a 1st time purchaser of a two bedroom flat in Sheffield. Do I receive the keys to the premises on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Sheffield?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s conveyancers, and once they have received this, you should be invited to receive the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
I am the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Sheffield. Conveyancing formalities meant that the Land Registry date was in July. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in July. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Some banks would take a sensible view as this provision is primarily there to capture subsales or the quick reselling of property.
I need some fast conveyancing in Sheffield as I am under pressure to exchange contracts inside 2 weeks. A home loan is not required. Can I avoid the conveyancing searches to save money and time?
If.Given you are not getting a home loan you are at liberty not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Sheffield the following are examples of issues that can arise and adversely affect market value: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
It has been 3 months since my purchase conveyancing in Sheffield concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 premises 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 issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Sheffield is where the house is located. Can you offer any opinion?
Flying freeholds in Sheffield are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sheffield you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sheffield may ascertain 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 property.
My wife and I have recently appointed a conveyancing solicitor in Sheffield. I I would like to check if they are listed on the bank's approved list of lawyers. Can you assist?
It’s a good idea phone the solicitor and ask them if they are on the lender's panel. If that does not help call us and we can investigate and revert. Should the firm not be on the lender panel we we can help find a quality conveyancing solicitor in Sheffield on the approved list for your lender.