My partner and I are refinancing our apartment in Leyburn with HSBC. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 property is repossessed. I have a couple of questions (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we bought 4 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 HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
What does my ID and proof of funds have anything to do with my conveyancing in Leyburn? Why is this being asked of me?
Leyburn conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Proof of source of funds is also necessary in compliance with the money laundering laws as solicitors have a duty to ensure that the monies you are using to purchase a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the fruits of illegitimate behaviour.
What is the best way to investigate if the solicitor carrying out my conveyancing in Leyburn is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Leeds Building Society thus spending £175.00 in another set of conveyancing fees.
You should make use of the search tool on this site. Please choose the lender and type ‘Leyburn’ or your preferred area and you will see a number of lawyer offices in Leyburn or by proximity to you.
Is it necessary to pay for insurance to cover chancel repairs when acquiring a residence in Leyburn?
Unless a previous acquisition of the property completed after 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Leyburn to remain recommending a chancel search and or chancel repair liability insurance.
Hoping to buy a property located in Leyburn and I am already nervous. I couldn't find anything specific about Leyburn. Conveyancing will be needed in due course but do you know about the Leyburn area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Leyburn. In the meantime here are some basic statistics that we found
We expect to complete the sale of our £325,000 maisonette in Leyburn next Wednesday. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Leyburn?
Leyburn conveyancing on leasehold flats often requires the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They are entitled to invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I invested in buying a 1 bedroom flat in Leyburn, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Leyburn with an extended lease are worth £176,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2105
With 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.