My husband and I swapping mortgage lender for our penthouse in Wareham with Coventry BS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Will conveyancers ask for money on account for my conveyancing in Wareham?
If you are buying a property in Wareham your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this should be required shortly ahead of contracts are exchanged. Any further balance that is due will be payable a couple of days prior to the day of completion.
My colleague recommended that where I am purchasing in Wareham I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Wareham conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Wareham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Wareham Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Wareham Education with plans and statistics, Local Amenities and other useful information regarding Wareham.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The conveyancers who did the conveyancing in Wareham 5 years ago no longer exist. What do I do?
As long as you have a registered title the information relating to your proprietorship will be documented by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, identify your property and secure current copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Wareham I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Wareham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.