My husband and I swapping mortgage lender for our maisonette in Broughton Astley with Bank of Ireland. 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, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we purchased 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 mortgage company has suggested a law firm on their panel based in Broughton Astley but I would rather choose a conveyancing lawyer in Broughton Astley or nearer to where I live. Can you help?
The minority of Broughton Astley conveyancing practitioners are on all banks conveyancing panel. Do make use of our find an approved solicitor tool to choose a Broughton Astley conveyancing conveyancer on the on the lender panel.
I'm buying my first flat in Broughton Astley benefiting from help to buy. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about this deal as it will adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 UK Finance website. UK Finance 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.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Broughton Astley is the location of the property. Can you offer any guidance?
Flying freeholds in Broughton Astley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Broughton Astley you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broughton Astley may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Broughton Astley and how can you help?
The particular law that you refer to gives a safeguard to commercial lessees, granting the right to make a request to court for a renewal lease and continue in occupation at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Broughton Astley
What are the frequently found deficiencies that you see in leases for Broughton Astley properties?
There is nothing unique about leasehold conveyancing in Broughton Astley. All leases are drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the premises
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Coventry Building Society, and Britannia all have express 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 problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a garden flat in Broughton Astley, conveyancing having been completed 9 years ago. How much will my lease extension cost? Equivalent flats in Broughton Astley with an extended lease are worth £192,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2080
You have 54 years left to run the likely cost is going to range between £32,300 and £37,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.