My husband and I swapping mortgage lender for our apartment in Haydock with Virgin Money. We have a son 18 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, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Virgin Money 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 Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
A relative advised me that where I am buying in Haydock I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Haydock conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Haydock around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Haydock Education with maps and statistics, Local Amenities and other useful information about Haydock.
The deeds to our property are lost. The solicitors who handled the conveyancing in Haydock 10 years ago no longer exist. What are my options?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
Just had an offer accepted on a new build flat in Haydock. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Haydock
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
In sourcing the internet for the words conveyancing in Haydock it reveals numerous solicitorsin the vicinity. How do I determine which is the right conveyancer for purchase transaction?
The ideal method of finding the right conveyancer is through a trusted referral, so enquire of friends and family who have purchased a property in Haydock or the reputable estate agent or financial adviser. Charges for conveyancing in Haydock differ, so it's sensible to request at least three quotes from different conveyancers. Be sure to secure confirmation what costs in the quote includes.
Last September I purchased a leasehold house in Haydock. Am I liable to pay service charges relating to a period prior to 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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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 am the registered owner of a garden flat in Haydock, conveyancing formalities finalised 8 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Haydock with an extended lease are worth £196,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2090
With 64 years unexpired we estimate the premium for your lease extension to be between £15,200 and £17,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to 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.