My wife and I changing mortgage lender for our flat in Abertridwr with Coventry BS. 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, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 3 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Why do I have to pay up front for conveyancing in Abertridwr?
Where you are retaining lawyers for conveyancing in Abertridwr your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the total price then this will be asked for immediately prior to exchange of contracts. Any further balance that is needed will be payable shortly before completion.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to use a local conveyancing solicitor in Abertridwr?
You should check but the chances are that appoint one of their panel conveyancers where you accept the "fee-free" deal. Speak to the lender and explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Abertridwr.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Abertridwr I like with open areas and transport links nearby, however it's only got 51 years on the lease. I can't really find anything else in Abertridwr in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
If all goes to plan we aim to complete our sale of a £375,000 apartment in Abertridwr in just under a week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Abertridwr?
Abertridwr conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are entitled to charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I invested in buying a ground floor flat in Abertridwr, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Abertridwr with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2084
With 59 years left to run the likely cost is going to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
We are buying a three bedroom ground floor flatin Abertridwr with a residential mortgage from a lender. We wish to instruct our solicitor in Abertridwr yet our bank advise he's not on their "panel". Apparently we need to choose one of the our lender panel solicitors or stay with our Abertridwr conveyancer and incur the extra fees for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our bank use our Abertridwr lawyer?
Unfortunately,no. The lender mortgage issued is subject to conditions, one of which will be that solicitors will on the mortgage company's conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels, including many conveyancing solicitors in Abertridwr : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.