My wife and I intend to remortgage our flat in Bourton on the Water with UBS. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the UBS 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 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 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.
My fiance and I are purchasing a 2 bedroom apartment in Bourton on the Water with a residential mortgage from Bank of Scotland.We use our Bourton on the Water conveyancing lawyer but Bank of Scotland advised that his firm is not on their approved list of firms. It seems we have little choice but to instruct a Bank of Scotland panel firm or keep our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Bank of Scotland use our lawyer?
No, not really. The mortgage offered to you is subject to its various provisions, a common one being that solicitors must be on the Bank of Scotland approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Scotland
I'm purchasing my first flat in Bourton on the Water with a loan from Halifax. The builders would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not reveal to my lawyer about this side-deal as it may affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We're first time buyers - agreed a price, but the property agent has warned us that the seller will only move forward if we appoint their preferred conveyancers as they are insisting on an ‘expedited deal’. We would rather use a local solicitor who is familiar with conveyancing in Bourton on the Water
It is unlikely the owners are driving this. If they require ‘a quick sale', alienating a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Bourton on the Water conveyancing lawyers - not the ones that will provide the negotiator at the agency a commission or hit his conveyancing figures demanded by corporate headquarters.
I own a leasehold house in Bourton on the Water. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Bourton on the Water who acted for me is not around. What should I do?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Bourton on the Water conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a 1st floor flat in Bourton on the Water, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bourton on the Water with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2088
You have 63 years remaining on your lease the likely cost is going to be between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My husband and I have agreed a price on a Bourton on the Water house we inherited 5 years ago in 2012. I have over ten years conveyancing experience and, now retired, wish to do my own conveyancing. The purchaser's property lawyer has informed me that their building society will not allow us to do our own conveyancing requiring the funds to be sent to a solicitor's bank account.
Mortgage requirements to conveyancers from all mainstream lenders state that If the vendor is not legally represented the buyer’s lawyers should check whether the mortgage company needs to be informed so that a decision can be made as to whether they are willing to progress.