My husband and I are refinancing our maisonette in Castle Cary with Bank of Ireland. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
At what point can the exchange of contracts take place for purchase conveyancing in Castle Cary and do I need to attend the solicitors branch?
Where you are local to one of the conveyancing solicitors in Castle Cary you are invited in to sign contracts. That being said, the firms we work with provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is necessary for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Castle Cary)to be in the office at the appropriate time.
I know that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a residence in Castle Cary? or I am told that there is a law dating back centuries that means some homeowners residing in a parish church boundary may be liable to pay for maintenance to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Castle Cary?
Unless a prior purchase of the house took place after 12 October 2013 you may expect conveyancing practitioners conducting conveyancing in Castle Cary to remain encouraging a chancel search and or chancel repair liability policy.
What makes your site different to other internet conveyancing brokers for conveyancing in Castle Cary?
At this site receive a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Castle Cary. Unlike many estate agents and brokerage sites we do not operate kick-back deals with solicitors. Many agents and online brokers 'recommend' the firm that pays the most commission, rather than the best value conveyancing in Castle Cary
We own a leasehold flat in Castle Cary. Conveyancing was finalised in 2009. I have read on numerous advice forums that I should not let the the remaining lease term to get too short. What is the reasoning?
Castle Cary leasehold properties are for a fixed term - normally ninety nine years when they started. However many appartments in Castle Cary were built or converted in the 60’s and so these leases now have under eighty years unexpired. This may seem like a long time but Banks, Building Societies and other mortgage institutions tend to require leases to have a minimum of seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To increase the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. Furthermore advantages to doing so before the lease reaches even eighty years as when the lease is less than eighty years the premium you have to pay to extend starts to get a lot more expensive.