My wife and I swapping mortgage lender for our penthouse in Allestree with Barclays. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Barclays conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 have an AIP. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather use a Allestree based conveyancing firm?
Do check but the the likelihood is that give you one of their panel conveyancers where you accept the "fee-free" offer. Contact the lender and check if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Allestree.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Allestree. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Allestree
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There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the input of my in-laws I had a survey completed on a property in Allestree in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders will not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Allestree. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Allestree to see if the conveyancing will be more expensive.
My husband and I are new to the buying process - had an offer accepted, yet the agent informed us that the vendor will only move forward if we appoint their preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor used to conveyancing in Allestree
It is improbable the vendors are driving this. Should the owner want ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Contact the vendors directly and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your preferred Allestree conveyancing firm - rather thanthe ones that will provide their negotiator at the agency a kickback or achieve conveyancing figures pre-set by corporate headquarters.
Last June I purchased a leasehold house in Allestree. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Allestree Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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Is the freehold owned collectively by the tenants? Best to be warned whether fixing the lift or some other significant cost is due shortly that will be shared by the tenants and will materially increase the the service fees or result in a one off invoice. If a Allestree lease has no more than eighty years it will have adverse implications on the salability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth discovering how much this would cost. For most Allestreelease extensions you will be be obliged to have owned the property for two years in order to be eligible to extend the lease.