My wife and I intend to remortgage our maisonette in Aberbargoed with Virgin Money. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Virgin Money 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 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.
Various internet forums that I have visited warn that are the primary cause of obstruction in Aberbargoed house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Aberbargoed.
My wife and I own a semi-detached Victorian house in Aberbargoed. Conveyancing practitioner acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Aberbargoed and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Aberbargoed differ for newly converted properties?
Most buyers of new build or newly converted property in Aberbargoed contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Aberbargoed usually purchase the land, 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 used to new build conveyancing in Aberbargoed or who has acted in the same development.
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At this site receive a fixed fee quote via a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Aberbargoed. Unlike many estate agents and brokerage sites we do not have commission arrangements with solicitors. A large number of agents and online brokers 'recommend' solicitors paying the highest kickback, as opposed to the best value conveyancing in Aberbargoed