My husband and I swapping mortgage lender for our apartment in Margam with HSBC. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat 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 purchased 3 years ago (2) Does our son by signing this extinguish his entitlement 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.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Margam so that I can pop in to their offices if required.
Nowadays conveyancing panel lawyers for mortgage companies conduct the vast majority of communications via the post, internet or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in England or Wales. Nevertheless you should check if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
My stepmother pointed out to me me that in purchasing a property in Margam there could be a number of restrictions prohibiting external alterations to a property. Is this right?
We are aware of anumerous of properties in Margam which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Margam should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Margam Conveyancing Quality Solicitors on the HSBC conveyancing list of approved firms?
It is true that some lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We are getting a further advance on our mortgage from Coventry BS as we want to conduct improvements to our property in Margam. Are we obliged to choose a bricks and mortar Margam solicitor on the Coventry BS conveyancing panel to deal with the legals?
Coventry BS do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS list.
Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who dealt with the conveyancing in Margam 5 years ago are no longer around. What are my next steps?
As long as you have a registered title the information relating to your proprietorship will be documented by the Land Registry under a Title Number. It is possible to perform a search at the Land Registry, locate your property and order current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
Just had an offer accepted on a new build flat in Margam. 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 are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Margam
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared.
I own a leasehold flat in Margam. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Margam who previously acted has long since retired. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Margam conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a basement flat in Margam, conveyancing was carried out 5 years ago. How much will my lease extension cost? Corresponding properties in Margam with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2091
With just 65 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. 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. Please do not move forward placing reliance on this information before getting professional advice.