My wife and I swapping mortgage lender for our penthouse in Caistor with Nottingham. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults 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 flat is repossessed. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we bought 3 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 Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
I am buying a terraced house in Caistor. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Caistor you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Caistor.
I need some quick conveyancing in Caistor as I have pressure to complete within 2 weeks. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are not taking a mortgage you are at free not to have searches carried out although no lawyer would suggest that you don't. With lots of history conveyancing in Caistor the following are instances of what can arise and adversely affect future mortgageability: Enforcement Actions, Outstanding Fees, Overdue Grants, Railway Schemes,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Caistor?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Caistor. 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…’
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Caistor I like with a park and transport links nearby, however it only has 61 years on the lease. There is not much else in Caistor for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.