My fiance and I intend to remortgage our penthouse in Cheddleton with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document 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 form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights 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.

Can you explain why leasehold purchase conveyancing in Cheddleton costs more?

In summary, leasehold conveyancing in Cheddleton and elsewhere usually involve more work compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord about serving applicable notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.

I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather appoint a Cheddleton based conveyancing firm?

Do check but the the likelihood is that appoint one of their panel lawyers where you take up the "fee-free" incentive. Contact the bank to check if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Cheddleton.

I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Cheddleton. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Cheddleton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Cheddleton so you should seriously consider looking for a Cheddleton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

Leasehold Conveyancing in Cheddleton - Sample of Questions you should consider before Purchasing

Is there a share of the freehold? Make sure you find out if the the lease contains any adverse restrictions in the lease. By way of example it is fairly common in Cheddleton leases that pets are not allowed in certain buildings in Cheddleton. If you like the apartmentin Cheddleton however your cat is not allowed to move with you then you have a very hard compromise. How many of the leaseholders are in arrears for their maintenance charge payments?

I have recently had an offer accepted on an apartment in Cheddleton and the estate agent that we are dealing with recommended his conveyancer. He quoted nine hundred pounds excluding VAT and disbursements. Does this sound steep?

Don't just go on a single quote. You should obtain like-for-like quotes for your conveyancing in Cheddleton. Then select one that you are comfortable with and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.