My wife and I are refinancing our apartment in Meopham with Principality. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights 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 Principality. This is solely used to protect Principality 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 Principality 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 my lawyer be making enquiries regarding flooding during the conveyancing in Meopham.
Flooding is a growing risk for solicitors specialising in conveyancing in Meopham. There are those who acquire a house in Meopham, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Meopham. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a buyer could issue a compensation claim as a result of such an misleading answer. A buyer’s conveyancers should also commission an environmental search. This will higlight if there is a recorded flood risk. If so, more detailed investigations should be conducted.
How does conveyancing in Meopham differ for newly converted properties?
Most buyers of new build property in Meopham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Meopham usually purchase 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 conveyancing solicitors 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 accustomed to new build conveyancing in Meopham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Meopham is the location of the property. Is there any advice you can give?
Flying freeholds in Meopham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Meopham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Meopham may determine 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.
Your search tool is useful but there are many lawyers listed near Meopham being on the lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our lender?
We are not in the business of recommending one firm above another as the right Meopham conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Meopham knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..