My fiance and I are refinancing our apartment in Eastbourne with HSBC. 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 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 flat is repossessed. I have two concerns (1) Is this form unique to the HSBC 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?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
When it comes to mortgage companies such as RBS, do Eastbourne solicitors face a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have a mortgage with Skipton for my property in Eastbourne. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
You must advise Skipton prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel solicitor.
RBS have agreed my home loan in principle, my bid on a apartment in Eastbourne has been agreed to, now what?
Your property agent will want to be informed of your lawyer's details (ensure that the solicitors are on the lender’s approved list). Call up RBS or your financial adviser and finalise any outstanding forms. RBS will appoint a valuer who will get in touch with the estate agent or owners to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. RBS will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Eastbourne.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Eastbourne I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Eastbourne for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
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At this site obtain an accurate costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Eastbourne. Unlike many estate agents and many comparison sites we do not operate referral deals with solicitors. Some agents and online brokers 'recommend' solicitors paying the highest commission, not the best value conveyancing in Eastbourne
I need to instruct a conveyancing solicitor in Eastbourne for my house move. Is there any facility to see a firm’s record with the legal regulator?
Anyone may review published Solicitor Regulator Association (SRA) determinations stemming from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator sometimes monitor call for training requirements.
I've recently bought a leasehold property in Eastbourne. Am I liable to pay service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 bought a ground floor flat in Eastbourne, conveyancing formalities finalised November 2004. How much will my lease extension cost? Corresponding flats in Eastbourne with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2099
With just 74 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.