My husband and I are refinancing our penthouse in Stotfold with Aldermore. 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 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 concerns (1) Is this document specific to the Aldermore conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
Why do I have to pay up front for my conveyancing in Stotfold?
If you are buying a property in Stotfold your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this should be required shortly prior to exchange of contracts. The closing balance that is needed should be sent to your lawyer shortly before completion.
Forgive me if this question is silly but I am new to the home moving as FTB of a two bedroom flat in Stotfold. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Stotfold?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
Does a directory service exist listing HSBC panel conveyancers in Stotfold on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of banks make their panel listings available over the internet. If you are seeking to appoint a Stotfold lawyer on the HSBC please make the most of our facility.
I'm in the process of looking at apartments in Stotfold and I am now considering a potential offer. Should I already have a lawyer appointed at this point? I will be getting a home loan with RBS.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are taking out a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
I have recentlyfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Stotfold for a purchase of a freehold house 12 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Stotfold conveyancing specialists.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Stotfold is where the house is located. What do you suggest?
Flying freeholds in Stotfold are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stotfold you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stotfold 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 premises.
Last October I purchased a leasehold house in Stotfold. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Stotfold Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
-
What is the the remaining lease term? Its a good idea to discover as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily matters such as the upkeep of the communal areas. Enquire of other tenants whether they are happy with them. On a final note, find out the dates that the service charges are due to the managing agents and specifically what you get for your money.