My wife and I intend to remortgage our maisonette in Wakefield with RBS. We have a son approaching twenty who lives with us. 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 a couple of questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your RBS conveyancing panel solicitor is doing the right thing 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 RBS. This is solely used to protect RBS 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 RBS 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.
What is the first thing I need to know regarding purchase conveyancing in Wakefield?
You may not hear this from too many lawyers but conveyancing in Wakefield or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for confrontation between you and other parties involved in the transaction. For example, the vendor, property agent and on occasion the lender. Appointing a lawyer for your conveyancing in Wakefield should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the legal process whose responsibility is to look after your legal interests and to keep you safe.
Every so often a third party with a vested interest may try and convince you that you should follow their advice. For instance, the estate agent may claim to be helping by claiming that your lawyer is dragging his heels. Or your financial adviser may advise you to do something that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
Are there restrictive covenants that are commonly picked up during conveyancing in Wakefield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Wakefield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Wakefield differ for new build properties?
Most buyers of new build property in Wakefield approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Wakefield usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wakefield or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Wakefield is the location of the property. Can you offer any advice?
Flying freeholds in Wakefield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wakefield you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wakefield 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 property.
I'm remortgaging my current home to a buy to let loan with Godiva Mortgages Ltd and I will use the ballance of the raised equity towards another property. The area we are talking about is Wakefield. Will your conveyancers be able to act for the two lenders and link together the two deals?
Do use our search tool on this site to be sure that the solicitors are on the relevant lender panels. On the basis that they are the solicitor will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make clear your desired outcome and needs.