My wife and I changing mortgage lender for our apartment in Hetton Le Hole with Kent Reliance. We have a son approaching twenty who lives with us. 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 two questions (1) Is this form unique to the Kent Reliance conveyancing panel as he never had to sign this form when we remortgaged 5 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
My uncle informed me that in purchasing a property in Hetton Le Hole there may be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Hetton Le Hole which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Hetton Le Hole should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Last month we had a mortgage agreed in principle with Santander. Hetton Le Hole conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander conducted the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have decided to exercise my right to buy my property in Hetton Le Hole off the council. I have a mortgage offer with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
Various online forums that I have frequented warn that are the number one reason for stalling in Hetton Le Hole conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Hetton Le Hole.
How does conveyancing in Hetton Le Hole differ for newly converted properties?
Most buyers of new build or newly converted property in Hetton Le Hole approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Hetton Le Hole tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hetton Le Hole or who has acted in the same development.
There are only 62 years left on my flat in Hetton Le Hole. I now want to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent may be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court overseeing Hetton Le Hole.
I am the registered owner of a basement flat in Hetton Le Hole, conveyancing formalities finalised September 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Hetton Le Hole with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2076
With just 51 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Is there a reason that Hetton Le Hole conveyancing costs are more expensive for leasehold and freehold properties?
There is always increased work required in leasehold conveyancing. Hetton Le Hole has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.