My husband and I are looking to buy a house in England Springs and have appointed a England Springs conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. The Royal Bank of Scotland have this afternoon contacted us to advise us that there is now an issue as our England Springs conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred England Springs lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I intend to remortgage our penthouse in England Springs with Bank of Ireland. 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 forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 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.
What can a local search inform me concerning the house my wife and I purchasing in England Springs?
England Springs conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every England Springs conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in England Springs I like with a park and transport links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in England Springs suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
We own a leasehold flat in England Springs. Conveyancing was finished in five years ago. I have heard that I mustn’t allow the lease length get too low. Is this right?
England Springs leasehold properties are for a fixed term - normally 99 years when they started. However many appartments in England Springs were constructed or converted 20 or more years ago and so such leases now have under 80 years left to run. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to need leases to have at least seventy five years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing 75 years. To enhance your property value you should be thinking about whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to doing so before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to get a lot more expensive.