My wife and I are refinancing our apartment in Longthorpe with Kent Reliance. We have a son 18 who lives with us. 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, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he never had to sign this form when we remortgaged 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 Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
We are purchasing a newly converted apartment in Longthorpe with a homeloan from Barnsley Building Society.We like our Longthorpe conveyancing lawyer but Barnsley Building Society informed us he's not listed on their approved list of firms. It seems we have little choice but to instruct a Barnsley Building Society panel lawyer or retain our preferred solicitor and pay for a Barnsley Building Society panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you contains various provisions, one of which will be that conveyancers needs to be on the Barnsley Building Society approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barnsley Building Society
About to purchase a new build apartment in Longthorpe. 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.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Longthorpe
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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. Please confirm the Lease plans are surveyor prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Longthorpe is the location of the property. What do you suggest?
Flying freeholds in Longthorpe are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Longthorpe you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Longthorpe may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm refinancing my current home to a buy to let loan with Barnsley Building Society and intend to use the remaining equity towards a second house. The neighborhood we are talking about is Longthorpe. Will your solicitors be able to act for the two mortgage companies and tie in the transactions?
Make use of our search tool on this site to be sure that the solicitors are approved by both lenders. Assuming that they are your conveyancer should be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and make clear your desired outcome and requirements.
I work for a reputable estate agency in Longthorpe where we see a number of leasehold sales derailed due to short leases. I have received contradictory information from local Longthorpe conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a basement flat in Longthorpe, conveyancing formalities finalised in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Longthorpe with an extended lease are worth £171,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2104
You have 79 years left to run the likely cost is going to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.