My fiance and I are refinancing our apartment in Cubitt Town with Principality. We have a son approaching twenty 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 property is repossessed. I have two 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.
I just acquired a flat at auction in Cubitt Town. Conveyancing is needed. What is next?
Now that you have for in every practical sense signed on the dotted line you will need to find a conveyancing practitioner soon as you now have a tight deadline in which to complete the property. Every auction property should have a bespoke legal pack. This should include most,if not all of the documents that your lawyer requires. If you have purchased leasehold premises the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must pass this on to the solicitor working for you as soon as possible. You also need to ensure that that you have the requisite funding organised to complete on the date specified in the contract.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cubitt Town bank branch on various occasions and was informed it wasn't a problem and they will lend. My Cubitt Town conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, they must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Bank of Ireland have agreed my mortgage in principle, my offer on a apartment in Cubitt Town has been accepted, what happens next?
Your property agent will want to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Call up Bank of Ireland or the broker and finish off any outstanding paperwork. Bank of Ireland will instruct a valuer who will get in touch with the selling agent or vendor to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cubitt Town.
We are purchasing a property and the conveyancer has mentioned Chancel Repair to which the house could be obligated to contribute to given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly necessary for conveyancing in Cubitt Town
Unless a previous acquisition of the property completed after 12 October 2013 you can assume that solicitors conducting conveyancing in Cubitt Town to remain encouraging a chancel search and or chancel repair liability insurance.
What tools are available to locate a Cubitt Town solicitor on the Accord Mortgages Ltd conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the conveyancer.
Feel free to make use of the search on this page. Please select a mortgage company and your location and you will see a number of Cubitt Town conveyancing lawyers located nearest you. We have listed some Cubitt Town conveyancing firms towards the end of this page and you can telephone them to check if they are on the Accord Mortgages Ltd approved list
We own a leasehold flat in Cubitt Town. Conveyancing was completed in 2011. I have been told that I should not allow the the remaining lease term to get too short. Why is that a problem?
Cubitt Town residential long term leases are for a set period - often just under one hundred years when they started. However a significant flats in Cubitt Town were constructed or converted 20 or more years ago and so these leases now have fewer than eighty years remaining. This may seem like plenty of time however Banks, Building Societies and other mortgage companies tend to require leases to have a minimum of seventy five years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing eighty years. To maximise the saleability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease hits 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to escalate.