My fiance and I intend to remortgage our flat in Reddish with . We have a son 19 who lives with us. Our solicitor requested us to identify 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 flat is repossessed. I have two concerns (1) Is this form unique to the conveyancing panel as he never had to sign this form when we purchased 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 . This is solely used to protect 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 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.
Do I need to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Reddish so that I can pop in to their offices when needed.
Whereas this was necessary 12 years ago, the vast majority lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to supply identification documents and there are still manifest advantages to choosing a local practitioner, in your case a conveyancing solicitor in Reddish.
How does conveyancing in Reddish differ for new build properties?
Most buyers of new build or newly converted property in Reddish come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Reddish typically acquire 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 conveyancers 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 Reddish or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Reddish ahead of appointing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks will not give a mortgage on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Reddish. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Reddish to see if the conveyancing costs will increase in light of this.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Reddish. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Reddish ?
Most houses in Reddish are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Reddish so you should seriously consider shopping around for a Reddish conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.