My wife and I intend to remortgage our flat in Battle with Nationwide. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
How does conveyancing in Battle differ for new build properties?
Most buyers of new build residence in Battle contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Battle tend to purchase the site, 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 Battle or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Battle I like with open areas and railway links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Battle in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Do I need to be suspicious by third parties that I am dealing with are suggesting an online conveyancing firm rather than a local Battle conveyancing firm?
As with many professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are lots of players in a conveyancing transaction; estate agents, financial adviser and banks might all suggest solicitors to appoint. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You have the right to select your own lawyer. However, bear in mind that most lenders operate an approved list of solicitors you are obliged to use for the mortgage aspect of your home move.
I need to retain a conveyancing solicitor for leasehold conveyancing in Battle. I've land on a site which appears to be the ideal solution If it is possible to get all the legals completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?