My fiance and I changing mortgage lender for our penthouse in Cobham with Lloyds. We have a son 18 who lives with us. 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 property is repossessed. I have two questions (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we purchased 4 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 Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
The Cobham conveyancing solicitors that just started acting on my house acquisition in Cobham have suddenly shut down. They were on acting for me because I needed a solicitor on the Yorkshire BS conveyancing panel and my preferred Cobham lawyer was not. I issued them a cheque for two hundred pounds in advance. What do I do now?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
We are getting a further advance on our home loan from Nottingham as we intend to carry out improvements to our house in Cobham. Are we obliged to select a high street Cobham solicitor on the Nottingham conveyancing panel to deal with the paperwork?
Nottingham do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
Last month we had a mortgage agreed in principle with RBS. Cobham conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS conducted the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cobham building society branch on numerous occasions and was advised it wasn't an issue and they would lend. My Cobham conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Cobham is the location of the property. Can you offer any assistance?
Flying freeholds in Cobham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cobham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cobham may ascertain 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 property.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Cobham. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cobham ?
Most houses in Cobham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Cobham so you should seriously consider shopping around for a Cobham conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I bought a split level flat in Cobham, conveyancing formalities finalised in 1996. How much will my lease extension cost? Equivalent properties in Cobham with an extended lease are worth £227,000. The ground rent is £50 levied per year. The lease ends on 21st October 2097
You have 72 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What can I do to determine who owns a house in Cobham?
Assuming that the property is registered with the Land Registry, and you have the information of the address of the property, you should be able to obtain details from the HMLR of the recorded owner for a a minimal charge.