My wife and I swapping mortgage lender for our penthouse in Caerwent with Bank of Ireland. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right 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.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Caerwent?
There are many registered licenced Conveyancers in Caerwent and Solicitor firms in Caerwent to choose from We would stress that the two are regulated professionals specialising in the legal aspects of transferring property. The two can conduct associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
My lawyer has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Caerwent?
The appropriate level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I have paid off my mortgage with Aldermore. I assume I don't need a Caerwent property lawyer on the Aldermore panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
About to purchase a new build apartment in Caerwent. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Caerwent
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There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Caerwent I like with open areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Caerwent in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
In my capacity as executor for the will of my uncle I am selling a house in Monmouth but live in Caerwent. My solicitor (who is 235 kilometers awayrequires that I execute a statutory declaration before completion. Could you suggest a conveyancing practitioner in Caerwent who can witness and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are Caerwent based
I own a leasehold flat in Caerwent. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Caerwent who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Caerwent conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Caerwent Leasehold Conveyancing - Examples of Queries before buying
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This question is helpful as a) areas can cause problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details Is anyone aware of any major works on the horizon that will likely add a premium to the service costs? Its a good idea to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical issues like the upkeep of the common parts. You should not be shy to ask other tenants what they think of their management. Finally, find out the dates that the maintenance charges are due to the managing agents and precisely what it includes.