My wife and I are refinancing our maisonette in Settle with TSB. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults 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 property is repossessed. I have two concerns (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right 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 TSB. This is solely used to protect TSB 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 TSB 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.
We note that you have a search directory identifying firms on the UBS conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Settle?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Settle.
My relative suggested that if I am purchasing in Settle I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Settle conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Settle around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding Settle.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Settle I like with open areas and transport links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Settle for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I have been informed by various friends to expect 6-8 weeks for Settle conveyancing to complete.This was a month ago. The property information was only sent to my lawyer last week so does the time start running now?
No official countdown exists for conveyancing in Settle, or any location. You just have to make sure your finances are in place and wait for the rest to come together.