My partner and I are refinancing our flat in Wallington with Leeds Building Society. 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. 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 two concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
Will conveyancers ask for money up-front for conveyancing in Wallington?
Where you are retaining lawyers for conveyancing in Wallington your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this will be required shortly before contracts are exchanged. The closing balance that is needed should be transferred a few days prior to the day of completion.
We're in Wallington, First timers buying with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Wallington?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Wallington. 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…’
I am looking for a leasehold apartment up to £195,000 and found one close by in Wallington I like with a park and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Wallington in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
We are a couple of weeks into a freehold purchase having been referred to solicitors by the estate agent to handle our conveyancing in Wallington. We are not happy. Can you you assist me in finding new solicitors?
A lawyer would need to be very bad in order to consider diss instructing them. Has your mortgage offer been sent? If so you will need to make them aware of the replacement solicitor and get the offer are issued to the new lawyers. Your new conveyancer needs to be on the lenders approved list to avoid added expenses and delays. That should be your first question of the new solicitors. Our search tool should help you find a bank approved solicitor for your home move in Wallington