My husband and I intend to remortgage our apartment in Bishops Lydeard with UBS. We have a son 19 who lives with us. 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, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the UBS conveyancing panel as he never had to sign this form when we bought 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 UBS 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 UBS. This is solely used to protect UBS 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 UBS 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.
Can I use your services to find a Conveyancing solicitor in Bishops Lydeard even where I’m not purchasing or selling a house, for instance where I want to acquire an office in Bishops Lydeard with a loan from Leeds Building Society?
Our search tool is mainly utilised to select domestic conveyancing solicitors in Bishops Lydeard but we have set out towards the end of this page some Bishops Lydeard commercial conveyancing firms. You will need to enquire with the solicitors directly to establish if they can also act for Leeds Building Society
I have been on the look out for a leasehold apartment up to £305k and found one close by in Bishops Lydeard I like with open areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Bishops Lydeard in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
We're FTB’s - agreed a price, yet the estate agent told us that the owners will only go ahead if we instruct their preferred lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Bishops Lydeard
It is highly unlikely the sellers are behind this. Should the vendor desire ‘a quick sale', turning down a motivated purchaser is counter productive. Contact the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you will continue to instruct your preferred Bishops Lydeard conveyancing lawyers - as opposed tothe ones that will give their negotiator at the agency a introducer fee or achieve conveyancing thresholds demanded by HQ.
I work for a reputable estate agency in Bishops Lydeard where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Bishops Lydeard conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a leasehold flat in Bishops Lydeard, conveyancing was carried out in 1997. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Bishops Lydeard with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2086
With 61 years left to run the likely cost is going to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
I require the services of a bank panel solicitor in Bishops Lydeard. Could you help me?
Unfortunately it’s not apparent why you need a Bishops Lydeard panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Bishops Lydeard are on their panel . If you do find such a firm in Bishops Lydeard not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site