My fiance and I are refinancing our flat in Boncath with Leeds Building Society. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he did not need 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?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 are selling our house in Boncath and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers are using a web based conveyancing practice as opposed to a conveyancing solicitor in Boncath. We have lived in Boncath for 5 years we know of no issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I moved into my house on 8 July and my personal details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Boncath advises it would be concluded in less than a month. Are titles in Boncath uniquely lengthy to register?
As far as conveyancing in Boncath is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and if the Land registry communicate with any third parties. As of today roughly three quarters of submission are fully dealt with in less than three weeks but occasionally there can be protracted delays. Historically registration occurs once the purchaser has moved in to the property therefore an expedited registration is not always top priority but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Boncath differ for new build properties?
Most buyers of new build property in Boncath approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Boncath usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Boncath or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Boncath prior to retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend refuse to grant a loan on such a home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Boncath. Conveyancing may be slightly more expensive based on your lender's requirements.
What are the common problems that you witness in leases for Boncath properties?
Leasehold conveyancing in Boncath is not unique. Most leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Royal Bank of Scotland, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I purchased a split level flat in Boncath, conveyancing formalities finalised August 2009. How much will my lease extension cost? Equivalent flats in Boncath with an extended lease are worth £202,000. The ground rent is £60 levied per year. The lease expires on 21st October 2081
With 56 years unexpired the likely cost is going to be between £29,500 and £34,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.