My fiance and I intend to remortgage our apartment in Balby with Nationwide. We have a son approaching twenty 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 property is repossessed. I have a couple of questions (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
What does my ID and proof of funds have anything to do with my conveyancing in Balby? What am I being asked for?
To satisfy the Money Laundering Regulations any Balby conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
In accordance with Money Laundering Regulations, conveyancers are duty bound to investigate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
I decided to have a survey carried out on a property in Balby ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies will refuse to grant a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Balby. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I am about to spend £400,000 on a house in Balby I wish to have a conversation with the solicitor regarding thetransaction prior to appointing the firm. Can this be arranged?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you liaising with the solicitor due to be doing your conveyancing in Balby.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Balby should be the amount on the final invoice that you end up paying.
I have recently realised that I have 68 years remaining on my flat in Balby. I now want to extend my lease but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. On the whole an enquiry agent should be helpful to conduct investigations and to produce an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Balby.
Balby Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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Make sure you investigate if there is anything that is prohibited in the lease. By way of example it is fairly common in Balby leases that pets are not permitted in in a block in Balby. If you like the propertyin Balby but your cat can’t make the move with you then you will be presented with a hard choice. What is the name of the managing agents?
I have just started marketing my ground floor apartment in Balby.Conveyancing has not commenced but I have recently had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as you normally would because all rents and maintenance invoices should be apportionedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process