My fiance and I changing mortgage lender for our apartment in Southmead with Virgin Money. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat 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 remortgaged 4 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 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.
My wife and I are buying a apartment in Southmead. I might seem paranoid but how we can trust a conveyancer? At some point we have to put our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Forgive me if this question is silly but I am wet behind the ears as a 1st time purchaser of a ground floor flat in Southmead. Do I receive the keys to the house on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Southmead?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
How can we tell if a Southmead conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Southmead seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your transaction.
I need some expedited conveyancing in Southmead as I am under a deadline to sign on the dotted line in less than one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not taking a home loan you have the choice not to have searches carried out although no law firm would advise that you don't. Drawing on our experience of conveyancing in Southmead the following are examples of issues that can crop up and adversely impact future saleability: Enforcement Notices, Overdue Charges, Overdue Grants, Unadopted Roads,...
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Southmead is where the house is located. Can you offer any guidance?
Flying freeholds in Southmead are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southmead 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 Southmead may determine 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 residence.
I am looking at a couple of apartments in Southmead both have in the region of fifty years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I own a basement flat in Southmead, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Southmead with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2100
With 74 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Been on the hunt for a conveyancer for freehold sale conveyancing in Southmead. I'm selling, uncomplicated no mortgage to discharge, no hurry, no onward chain. Got a quote from a lawyer for £1000 plus VAT which is a little steep considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Southmead?
Considering it’s a sale only, £500 + VAT would be about the best for sale conveyancing in Southmead.