My wife and I swapping mortgage lender for our apartment in Somerset with Bank of Ireland. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we purchased 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.
Should commercial conveyancing searches disclose planned roadworks that may impact a commercial premises in Somerset?
Many commercial conveyancing solicitors in Somerset will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Somerset. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Somerset.
For each commercial conveyancing transaction in Somerset it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Somerset commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Somerset.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Somerset is where the house is located. Is there any guidance you can impart?
Flying freeholds in Somerset are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Somerset you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Somerset may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Is there anything unique about your site and other internet conveyancing brokers when it comes to conveyancing in Somerset?
At this site secure a conveyancing quote via a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Somerset. Unlike many estate agents and brokerage sites we are not in the business of charging firms a commission if you appoint them for your property ownership legalities in Somerset
What advice can you give us when it comes to finding a Somerset conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Somerset conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Somerset conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
How familiar is the firm with lease extension legislation? How many lease extensions has the firm conducted in Somerset in the last year?
Somerset Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
What is the service charge and ground rent on the flat? You will want to discover as much as you can concerning the managing agents as they can either make your living at the property much simpler or uncomfortable. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day matters such as the tidiness of the common parts. You should not be shy to ask other people whether they are happy with their service. On a final note, find out the dates that the maintenance fees are due to the relevant party and precisely what you get for your money. It is important to be aware whether a new roof is being put on or some other major work is due shortly that will be shared between the leaseholders and could well dramatically impact the level of the maintenance costs or require a specific payment.