My husband and I changing mortgage lender for our apartment in Langland with Principality. We have a son 19 who lives with us. Our solicitor requested us to identify 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 flat is repossessed. I have two questions (1) Is this form unique to the Principality conveyancing panel as he did not need 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Langland? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. Should you refuse to provide identification documents, your conveyancer would not be able to act for you.
My wife and I purchasing a 4 bedroom semi-detached house in Langland. The intention is to carry out an extension to the side at the property.Will legal conveyancing on the property include checks to see if these works are prohibited?
Your property lawyer should review the deeds as conveyancing in Langland can sometimes reveal restrictions in the title deeds which prohibit certain changes or need the consent of another owner. Many extensions require local authority planning permissions and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
When it comes to lenders such as Aldermore, do Langland conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I was told three weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Langland is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various web forums that I have visited warn that are the primary cause of stalling in Langland house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Langland.
I am buying a new build apartment in Langland. Conveyancing is necessary evil 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 selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Langland
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Back In 2004, I bought a leasehold flat in Langland. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Langland who acted for me is not around. What should I do?
First contact HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Langland conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a ground floor flat in Langland, conveyancing having been completed November 2008. How much will my lease extension cost? Comparable flats in Langland with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2086
With just 61 years unexpired we estimate the premium for your lease extension to be between £18,100 and £20,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.