My husband and I intend to remortgage our maisonette in Billesdon with Leeds Building Society. We have a son 18 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, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
How does conveyancing in Billesdon differ for new build properties?
Most buyers of new build property in Billesdon come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Billesdon typically 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 conveyancers 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 used to new build conveyancing in Billesdon or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one round the corner in Billesdon I like with a park and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Billesdon for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am looking into buying my first house which is in Billesdon and I am already nervous. I couldn't find anything specific about Billesdon. Conveyancing will be needed in due course but do you know about the Billesdon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Billesdon. In the meantime here are some basic statistics that we found
I am using a search engine for the phrase conveyancing in Billesdon it reveals many conveyancerslocally. With so much choice what is the best way to find the right solicitor for me?
The best method of choosing a suitable conveyancer is via trusted testimonial, so seek the counsel of colleagues and those you trust who have bought a property in Billesdon or a respected estate agent or mortgage broker. Costs for conveyancing in Billesdon vary, so it's advisable to obtain a minimum of four fee estimates from different property lawyers. Dont forget to clarify what costs in the quote includes.