My fiance and I intend to remortgage our flat in Hockley with Skipton. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the Skipton 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?
First, rest assured that your Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
I currently have a mortgage with Clydesdale for my property in Hockley. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
Clydesdale must be informed of your intention before renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel lawyer.
It is not clear whether my mortgage offer requires a lease extension. I have called my Hockley bank branch on numerous occasions and was advised it wasn't a problem and they will lend. My Hockley conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Provided that the lawyer is on the bank approved list, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After what feels like an age I have had an offer on an apartment in Hockley accepted, the owners do nevertheless have a tied purchase. The vendors have offered on somewhere, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a high street conveyancing solicitor in Hockley. What should be my next step? At what stage should I apply for the mortgage with Kent Reliance?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Hockley conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Kent Reliance approved list. Regarding the next stages this very much depends on the circumstances of your case, motivation for the property and on the state of the market. In a hot market the majority of buyers will apply for the mortgage with Kent Reliance and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Hockley.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Hockley I like with amenity areas and railway links nearby, however it's only got 61 years on the lease. I can't really find anything else in Hockley in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
In what way does the Landlord & Tenant Act 1954 affect my commercial premises in Hockley and how can your lawyers assist?
The 1954 Act affords security of tenure to business lessees, granting the legal entitlement to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Hockley is one of our hundreds of areas of the UK in which our lawyers have offices
My husband and I are 17 days into a freehold purchase having been referred to solicitors by the local agent to perform conveyancing in Hockley. I am not happy. Can you you assist me in finding new lawyers?
A conveyancer would need to be really poor to suggest diss instructing them. Has the mortgage offer been sent? If so you will need to inform them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your new conveyancer needs to be on the lenders panel to avoid escalating fees and complications. So that should be your first question of the new solicitors. The search tool will help you find a lender approved solicitor for your conveyancing in Hockley
Expecting to complete next month on a ground floor flat in Hockley. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hockley should include some of the following:
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Ground rent - how much and when is collected, and be on notice if this will change in the future specifics of the parties to the lease, e.g. these could be the leaseholder, superior lessor, freeholder What the implications are if you have violated the provisions of the lease? Are you allowed to have a pet in the flat? Repair and maintenance of the property
I invested in buying a garden flat in Hockley, conveyancing having been completed in 2010. Can you work out an approximate cost of a lease extension? Corresponding flats in Hockley with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2087
With only 61 years unexpired the likely cost is going to span between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.