My wife and I changing mortgage lender for our maisonette in Aughton with Virgin Money. 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, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Virgin Money conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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 just had an offer accepted to purchase with Melton Mowbray Building Society. We have called around locally but am struggling to find a Aughton conveyancing firm on the Melton Mowbray Building Society panel. Can you assist?
You should take advantage of the search tool on this site. Pick the lender and type Aughton or your preferred area and you will be presented with numerous conveyancers based in Aughton or nearest you.
I used Arc property Solicitors several years ago for my conveyancing in Aughton. Now, I need the documents however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Aughton of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a ground for flat up to £235,500 and found one round the corner in Aughton I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Aughton for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
In what way does the Landlord & Tenant Act 1954 affect my commercial property in Aughton and how can your lawyers assist?
The particular law that you refer to gives a safeguard to business lessees, granting the dueness to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Aughton
I own a leasehold flat in Aughton. Conveyancing was completed in 2011. I have been told that I should not allow the lease length fall too low. Why is that a problem?
Aughton leasehold properties are for a set period - normally 99 years when they started. However a significant flats in Aughton were constructed or converted in the 70’s80’s and so such leases now have less than 80 years left to run. This may seem like plenty of time however Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of seventy five years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To enhance your property value you should be thinking about whether to extend your lease well in advance of selling the property. You should note that there are significant benefits to taking action before the lease hits 80 years as when the lease is less than eighty years the amount you have to pay to extend starts to escalate.