My husband and I intend to remortgage our penthouse in Binstead with Santander. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 two questions (1) Is this form unique to the Santander conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish 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 Santander. This is solely used to protect Santander 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 Santander 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 wanted to use a property lawyer in Binstead for our home move. Our financial adviser informed us that our bank The Mortgage Works won't deal with them. Why is this not regarded as unfair competition?
A mortgage company can require an approved conveyancer act for it. Borrowers are expected to bear the cost of this. Try using our directory service to find a solicitor to carry conveyancing in Binstead on the The Mortgage Works member panel.
I currently have a mortgage with Aldermore for my property in Binstead. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Aldermore must be informed of your intention prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
I am selling my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Clydesdale are being pedantic. The Binstead solicitor who is on the Clydesdale conveyancing panel is saying indemnity insurance will be fine but Clydesdale are requiring a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Binstead is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
My colleague suggested that where I am purchasing in Binstead I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Binstead conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Binstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Binstead Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Binstead.
My husband and I are four weeks into a freehold purchase having been referred to conveyancers by the estate agent to perform conveyancing in Binstead. We are not happy. Can you you assist me in finding new solicitors?
A conveyancer would have to be really poor to suggest replacing them. Has the mortgage been generated? In the event that it has you need to inform them of the new contact details and ensure the offer are issued to the new lawyers. Your new conveyancer should be on the mortgage company panel to avoid supplemental charges and delays. So that should be your first question of the new lawyers. The search tool will assist you in finding a bank approved solicitor for your conveyancing in Binstead
Can you provide any top tips for leasehold conveyancing in Binstead from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Binstead can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. Many freeholders or managing agents in Binstead levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Binstead. Some Binstead leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a split level flat in Binstead, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Binstead with over 90 years remaining are worth £211,000. The ground rent is £45 per annum. The lease ends on 21st October 2093
With 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.