My husband and I intend to remortgage our flat in Lacock with Coventry BS. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Can I use your services to recommend a Conveyancing solicitor in Lacock even where I’m not purchasing or disposing of a house, for instance where I want to buy an office in Lacock with a loan from Lloyds TSB Bank?
Our comparison service is mainly there to find domestic conveyancing solicitors in Lacock but we have set out towards the bottom of this page a few Lacock commercial conveyancing firms. You will need to enquire with the company directly to check if they can also act for Lloyds TSB Bank
I have been referred to a conveyancing solicitor in Lacock. I I would like to check if they are accepted on the Chelsea Building Society conveyancing panel. Can you advise?
The first thing you should do is contact the solicitor and enquire whether they can act for the lender. Alternatively please call Chelsea Building Society who may be able to confirm.
About to purchase a new build apartment in Lacock. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lacock
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Lacock I like with open areas and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Lacock suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I've recently bought a leasehold flat in Lacock. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
Lacock Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
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Many Lacock leasehold apartments will have a service bill for the upkeep of the building set by the landlord. If you buy the flat you will have to pay this charge, normally in instalments during the year. This can differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a significant figure, say approximately £50-£100 but you need to enquire it because sometimes it can be many hundreds of pounds. If a Lacock lease has less than eighty years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have owned the residence for two years in order to be entitled to extend the lease. How is the lease structured?