My fiance and I changing mortgage lender for our penthouse in Harwell with RBS. We have a son approaching twenty 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement 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 RBS. This is solely used to protect RBS 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 RBS 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 wanted to use a conveyancing solicitor in Harwell for our house move. Our broker has since notified us that our bank Nottingham Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most lenders had a different appetite for risk. Almost all Harwell conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and their employees as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Harwell conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Harwell is one of the many areas where the lawyers we recommend are are approved Nottingham Building Society.
I am purchasing my first flat in Harwell with a mortgage from Barclays . The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent advised me not disclose to my lawyer about this extras as it would jeopardize my mortgage with Barclays . Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Harwell ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Harwell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Harwell to see if the conveyancing costs will increase in light of this.
My business partner and I are hoping to take an assignment of a lease of an office on a shopping parade. Can you recommend lawyers offering no-move-no charges for non-domestic conveyancing in Harwell for less than 1500k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Harwell, including the disposal and acquisition of businesses as well as simply premises. If you are looking to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. Regarding the fees this will depend on the structure and nuances of the deal. Let us have your contact information or call so as to enable us to furnish you with comprehensive commercial conveyancing calculation.
I am attracted to a couple of flats in Harwell both have about fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Harwell. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Harwell - Examples of Queries Prior to Purchasing
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How much is the ground rent and service charge? Does the lease have onerous restrictions?