My wife and I are refinancing our maisonette in Chilwell with UBS. 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 lives in the flat. 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 a couple of questions (1) Is this form unique to the UBS conveyancing panel as he did not need 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?
First, rest assured that your UBS 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 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.
We're in Chilwell, First time buyers buying with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Chilwell I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Chilwell suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
In my capacity as executor for the estate of my uncle I am selling a residence in Monmouth but live in Chilwell. My solicitor (who is 200 miles from meneeds me to sign a stat dec ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Chilwell who can attest this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are located in Chilwell
I own a leasehold flat in Chilwell. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Chilwell who acted for me is not around. Do I pay?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Chilwell conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a 2 bed flat in Chilwell, conveyancing formalities finalised February 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Chilwell with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2085
You have 61 years left to run we estimate the price of your lease extension to be between £19,000 and £22,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Why is it not possible to complete our conveyancing in Chilwell on a bank holiday?
This is due to the fact that on completion the funds needs to be transferred electronically between the banks of the purchaser and seller's lawyer and at present this can only take place on a working day. It is not possible to complete on a weekend either.