My husband and I swapping mortgage lender for our penthouse in Fairfield with Lloyds. We have a son approaching twenty 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, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Lloyds conveyancing panel as he never had 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?
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 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.
Do I need to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Fairfield so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, the vast majority banks no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still distinct benefits to instructing a local practitioner, in your case a conveyancing solicitor in Fairfield.
I am buying a new build house in Fairfield with the aid of help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not inform my solicitor about this side-deal as it would put at risk my loan with Barnsley Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey carried out on a property in Fairfield in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks will not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fairfield. Conveyancing may be slightly more expensive based on your lender's requirements.
We're novice buyers - agreed a price, but the agent told us that the owners will only issue a contract if we appoint their preferred conveyancers as they need an ‘expedited deal’. We would rather use a local solicitor who is familiar with conveyancing in Fairfield
It is highly unlikely the vendors are behind this. If they desire ‘a quick sale', turning down a genuine purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and explain that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Fairfield conveyancing firm - as opposed tothose that will provide their estate agent a introducer fee or achieve conveyancing targets set by senior management.
I am employed by a busy estate agent office in Fairfield where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Fairfield conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a leasehold flat in Fairfield, conveyancing having been completed April 2000. How much will my lease extension cost? Similar properties in Fairfield with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2078
You have 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as costs.
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 comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.