My fiance and I swapping mortgage lender for our flat in Badminton with Coventry BS. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his entitlement 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.
four months have gone by following my purchase conveyancing in Badminton completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a property in Badminton prior to retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks may refuse to grant a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Badminton. Conveyancing will be smoother if you use a solicitor in Badminton especially if they regularly deal with such properties in Badminton.
I am looking into buying my first house which is in Badminton and I am already nervous. I couldn't find anything specific about Badminton. Conveyancing will be needed in due course but do you know about the Badminton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Badminton. In the meantime here are some basic statistics that we found
Expecting to exchange soon on a ground floor flat in Badminton. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Badminton should include some of the following:
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You should receive a copy of the lease Your conveyancers should enable you to have an understanding of the building insurance requirements What you can do if an adjoining owner breaches a clause of their lease? Responsibility to repair and maintain the main walls and foundations. It is important for you to know which party is liable for the repair and maintenance of all parts of the block and estate Specifying your rights in respect of the communal areas in the block.By way of example, does the lease provide for a right of way over an accessway or hallways?
Badminton Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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It is important to be aware whether changing the roof or some other significant cost is due shortly that will be shared by the leasehold owners and could well materially increase the the service fees or require a specific payment. On the whole the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Badminton obliged leasehold owners to pay into a sinking fund created for the specific purpose of building a fund for larger works. You will want to find out as much as you can regarding the company managing the building as they will either make your life much easier or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters like the cleanliness of the common parts. You should not be afraid to ask other people whether they are happy with them. Finally, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.
When it comes to my conveyancing in Badminton should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Badminton conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.