My wife and I intend to remortgage our apartment in Ferryside with Nationwide. We have a son 18 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. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 3 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 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.
We're in Ferryside, First timers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Ferryside?
There are many registered licenced Conveyancers in Ferryside and Solicitor practices in Ferryside offering conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. The two can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
is it true that all Ferryside solicitor firms on the UBS conveyancing panel are governed by the SRA?
As solicitors, in order to be on the UBS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
Can I be sure that the Ferryside conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Ferryside obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your conveyancing.
I am looking for a flat up to £305k and identified one near me in Ferryside I like with amenity areas and transport links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Ferryside in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I am a sole trader hoping to take an assignment of a lease of a shop on a shopping parade. Can you recommend solicitors offering competitive costs for commercial conveyancing in Ferryside for below £1,200?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Ferryside, including the disposal and purchase of businesses as well as simply property. If you are intending to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right lawyer. Regarding the charges this will depend on the structure and heads of terms of the deal. Let us have your contact information or phone us so that we can supply you with a detailed commercial conveyancing quote.