Souldinstructing a Kingsdown conveyancing practice make my purchase more efficient?
Generally conveyancing lawyers in your neck of the woods will benefit from strong connections with your local authority, which could help with the Kingsdown conveyancing searches that your conveyancer will require on your transaction. It can only help if they have good relationships with the Local Land Registry Office your area Kingsdown, other conveyancers in the neighbourhood and Kingsdown property agents.
My wife and I are refinancing our flat in Kingsdown with Lloyds. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. 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 questions (1) Is this document specific to the Lloyds conveyancing panel as he did not need 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?
First, rest assured that your Lloyds 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 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.
My grandmother passed away last year and as sole heir and executor I was left the property in Kingsdown. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
I have been on the look out for a flat up to £195,000 and found one round the corner in Kingsdown I like with open areas and railway links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Kingsdown for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I are novice buyers - had an offer accepted, but the agent has warned us that the owners will only go ahead if we instruct the agent's preferred solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Kingsdown
We suspect that the owner is not behind this demand. Should the seller desire ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they understand (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your preferred Kingsdown conveyancing lawyers - not the ones that will give their estate agent a introducer fee or achieve conveyancing figures pre-set by HQ.
I have recently realised that I have 72 years remaining on my flat in Kingsdown. I now wish to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. For most situations a specialist would be useful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Kingsdown.
I am the registered owner of a 2 bed flat in Kingsdown, conveyancing was carried out in 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Kingsdown with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2083
You have 59 years left to run the likely cost is going to be between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered 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 before seeking the advice of a professional.