My wife and I intend to remortgage our penthouse in Kirkby in Ashfield with Principality. We have a son 19 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Principality conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Principality 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 Principality. This is solely used to protect Principality 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 Principality 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.
Do lenders provide you with an approved list of Kirkby in Ashfield conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Kirkby in Ashfield conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
We're in Kirkby in Ashfield, First time buyers purchasing with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I purchased my home on 12 October and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in Kirkby in Ashfield said it would be recorded in less than a month. Are transfers in Kirkby in Ashfield particularly slow to register?
As far as conveyancing in Kirkby in Ashfield registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether there are errors and if the Land registry communicate with any other parties. At present roughly three quarters of such applications are fully dealt with within 12 days but occasionally there can be longer delays. Registration occurs after the buyer is living at the premises thus 'speed' is not usually top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently bought a leasehold house in Kirkby in Ashfield. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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 ensure 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 inherited a 2 bed flat in Kirkby in Ashfield, conveyancing formalities finalised July 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Kirkby in Ashfield with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease expires on 21st October 2085
With 60 years left to run the likely cost is going to range between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 based on this information without first seeking the advice of a professional.
Sixweeks into a sale of a flat in Kirkby in Ashfield. Conveyancing is fine but we are being charged a fortune by the managing agents. To date we have paid £268 for a leasehold management information and then a further £134.40 for supplemental questions supplied by the buyers conveyancing practitioner.
Neither you or your solicitor will have any say over the level of the charges for this information but the average fee for the information for Kirkby in Ashfield leasehold premises is £355. When it comes to Kirkby in Ashfield conveyancing deals it is conventional for the owner to cover the charges. The freeholder or their agents are not duty bound to answer these questions although many will agree to do so - albeit often at exorbitant prices out of proportion to the work involved. Regretfully there is no law that mandates fixed charges for administrative tasks. There is no legal time frame by which they are duty bound to issue answers.