My wife and I changing mortgage lender for our penthouse in Thornaby 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 reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his entitlement 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.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Thornaby so that I can pop in to their offices if necessary.
These days approved lawyers for lenders undertake their communications through Royal Mail, e-mail or over the phone. This enables them to undertake the legal work for your home move no matter where you live in England or Wales. Nevertheless you can see if you can still book an appointment to visit conveyancing lawyer if needed.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Thornaby is the location of the property. Is there any guidance you can give?
Flying freeholds in Thornaby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thornaby you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thornaby may decide 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 it simple use the search tool to find a conveyancing solicitor in Thornaby on the approved list for my bank?
1st select a lender such as Santander, Bank of Scotland or Barclays Direct then type in your location such as Thornaby. Conveyancing firms in Thornaby and across England and Wales will then be listed.
I am in need of some leasehold conveyancing in Thornaby. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Thornaby - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1 bedroom flat in Thornaby, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Thornaby with an extended lease are worth £202,000. The ground rent is £60 yearly. The lease finishes on 21st October 2079
You have 57 years left to run we estimate the price of your lease extension to span between £28,500 and £33,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.