My fiance and I are refinancing our apartment in Callington with Co-operative. We have a son 19 who lives at home. Our solicitor requested us to identify any adults 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 a couple of concerns (1) Is this form unique to the Co-operative 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 Co-operative 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
As a first time buyer what is the most important piece of guidance you can give me regarding purchase conveyancing in Callington?
You may not hear this from too many lawyers but conveyancing in Callington or throughout Cornwall is an adversarial experience. Put another way, when it comes to conveyancing there exists plenty of room for friction between you and other parties involved in the legal transfer of property. For example, the seller, property agent and even potentially the lender. Appointing a law firm for your conveyancing in Callington an important selection as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to protect your legal interests and to keep you safe.
Sometimes a potential adversary may attempt to convince you that you should follow their advice. As an example, the selling agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may tell you to do take action that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Various online forums that I have frequented warn that are the primary cause of hinderance in Callington house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Callington.
How does conveyancing in Callington differ for new build properties?
Most buyers of new build premises in Callington approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Callington typically acquire 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 conveyancers 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 Callington or who has acted in the same development.
What advice can you give us when it comes to appointing a Callington conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Callington conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Callington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
Can they put you in touch with clients in Callington who can give a testimonial?
I purchased a garden flat in Callington, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Callington with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2080
With only 57 years unexpired we estimate the price of your lease extension to span between £26,600 and £30,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.