My husband and I are refinancing our maisonette in New Mills with Bank of Ireland. 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 reside at the property. The solicitor has now sent a form 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 document specific to the Bank of Ireland 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 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.
A relative informed me that in purchasing a property in New Mills there could be various restrictions preventing external alterations to a property. Is this right?
We are aware of anumerous of properties in New Mills which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in New Mills should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My conveyancer has informed me that chancel insurance is necessary on my purchase. What is the level of cover for New Mills conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Santander and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
When it comes to lenders such as Santander, do New Mills conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I acquired my flat on 5 August and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in New Mills advises it will be concluded in less than a month. Are properties in New Mills uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in New Mills registration formalities. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. At present in the region of 80% of such applications are fully dealt with in less than three weeks but some can be subject to longer delays. Registration is effected after the buyer is living at the property so post completion formalities is not always top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
The estate agent has sent us the confirmation of our purchase of a new build apartment in New Mills. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in New Mills
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a ground for flat up to £305k and found one near me in New Mills I like with a park and transport links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in New Mills suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.