My partner and I are refinancing our flat in Cowfold with Principality. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the Principality conveyancing panel as he never had 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?
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 Principality. This is solely used to protect Principality 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 Principality 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.
I have been told that property searches are the primary cause of delay in Cowfold house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Cowfold.
I'm purchasing my first flat in Cowfold benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my conveyancer about the extras as it would put at risk my mortgage with the bank. Should I keep quiet?.
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've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Cowfold is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cowfold are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cowfold you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cowfold 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 premises.
Estate agents have just been given the go-ahead to market my basement apartment in Cowfold. Conveyancing has not commenced, however I have recently received a quarterly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal because all ground rent and service charges will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a leasehold flat in Cowfold, conveyancing was carried out April 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cowfold with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2097
With 71 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. 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 placing reliance on this information before seeking the advice of a professional.
My wife and I have AIP from Yorkshire Building Society who suggested we could borrow up to £117k. At what point do I need to instruct a solicitor for conveyancing? Cowfold is where we plan to move to.
You can instruct a lawyer now so that the property lawyer can open the ledger so they can do the ID checks etc. Once you wish them to start work they will seek a deposit normally about £175. That would generally be once you have the mortgage offer and survey back, nevertheless should you wish to expedite matters you can start the ball rolling quicker albeit risking some expense.