My partner and I are refinancing our penthouse in Kirkby In Furness with Bank of Ireland. 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. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property 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 never had 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 Bank of Ireland 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 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.

How does conveyancing in Kirkby In Furness differ for newly converted properties?

Most buyers of new build premises in Kirkby In Furness contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because builders in Kirkby In Furness usually purchase 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 property lawyers 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 Kirkby In Furness or who has acted in the same development.

Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Kirkby In Furness I like with open areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Kirkby In Furness for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?

Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.

My husband and I are new to the buying process - had an offer accepted, yet the agent advised that the vendor will only issue a contract if we instruct their recommended lawyers as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor who is familiar with conveyancing in Kirkby In Furness

We suspect that the owner is not behind this ultimatum. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to instruct your own,trusted Kirkby In Furness conveyancing lawyers - not the ones that will give the estate agent a kickback or meet his conveyancing thresholds demanded by corporate headquarters.

I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kirkby In Furness. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Kirkby In Furness ?

The majority of houses in Kirkby In Furness are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Kirkby In Furness so you should seriously consider looking for a Kirkby In Furness conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

Leasehold Conveyancing in Kirkby In Furness - A selection of Queries Prior to Purchasing

It would be sensible to discover as much as possible about the managing agents as they can either make life much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the common parts. Don't be shy to ask other tenants whether they are happy with them. Finally, be sure you know the dates that the maintenance fees are due to the relevant party and specifically what you get for your money. What is the length of the lease?