My wife and I swapping mortgage lender for our apartment in Caldicot with Skipton. We have a son 19 who lives at home. 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 forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Skipton 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 Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
What can a local search reveal concerning the property I am purchasing in Caldicot?
Caldicot conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search is essential in every Caldicot conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I am buying a new build house in Caldicot with a loan from The Royal Bank of Scotland. The sellers would not move on the amount so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my conveyancer about this side-deal as it would put at risk my mortgage with The Royal Bank of Scotland. 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 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.
I am using a search engine for the phrase on line conveyancing in Caldicot it reveals numerous property lawyerslocally. With so much choice what is the best way to find the right solicitor for purchase transaction?
The preferential way of finding a suitable conveyancer is via trusted referral, so seek the guidance of friends and those you trust who have bought a property in Caldicot or the local estate agent or financial adviser. Fees for conveyancing in Caldicot differ, so it's sensible to secure a minimum of four fee estimates from different companies. Dont forget to clarify that the fees are fixed.
I've recently bought a leasehold flat in Caldicot. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a leasehold flat in Caldicot, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Caldicot with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2089
You have 64 years left to run we estimate the premium for your lease extension to be between £15,200 and £17,600 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Your search tool is useful but there are many lawyers listed near Caldicot being on the mortgage company conveyancing panel. Can you recommend a specific firm on the mortgage company approved panel?
We do not recommend specific Caldicot firms as the right Caldicot conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Caldicot knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..