My partner and I are refinancing our maisonette in Margam with Lloyds. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 have agreed to purchase a house in Margam. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
Given that you are obtaining a mortgage with Clydesdale your lawyer must follow the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Clydesdale where a lease fails to satisfy these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Margam.
I'm at the point of looking at flats in Margam and I am about to put in an offer. Should I already have a property lawyer in place at this point? I am planning to take a home loan with Coventry BS.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are getting a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Margam conveyancer on the Nationwide panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
A friend advised me that if I am buying in Margam I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Margam conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Margam around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding Margam.
I am purchasing a new build house in Margam with a loan from Barclays . The sellers refused to reduce the price so I negotiated £7000 of additionals instead. The sale representative advised me not reveal to my solicitor about this deal as it would impact my mortgage with Barclays . Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How do I locate a Margam law firm on the Alliance & Leicester conveyancing panel? I am a keen cyclist and am happy to travel upto 25miles to meet the solicitor.
Feel free to make use of the facility on this page. Please pick a bank and your location and you will see a number of Margam conveyancing lawyers locally. We have listed some Margam conveyancing firms towards the end of this page and you can contact them to verify whether they are on the Alliance & Leicester approved list
Back In 2003, I bought a leasehold flat in Margam. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Margam who acted for me is not around. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Margam conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a 1 bedroom flat in Margam, conveyancing formalities finalised in 2007. How much will my lease extension cost? Corresponding flats in Margam with a long lease are worth £201,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2090
With only 65 years remaining on your lease the likely cost is going to span between £13,300 and £15,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.