My fiance and I intend to remortgage our penthouse in Markfield with TSB. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. 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 concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right 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 TSB. This is solely used to protect TSB 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 TSB 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.
Do conveyancers ask for money up-front for conveyancing in Markfield?
If you are buying a property in Markfield your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the Local Authority Search. If any deposit is payable against the total price then this will be asked for immediately prior to contracts are exchanged. Any further balance that is due should be transferred shortly before completion.
My wife and I are planning on selling our house in Markfield and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Markfield lawyer would know this is not the case. It does beg the question why the buyers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Markfield. We have lived in Markfield for three years we know that this is a non issue. Should we contact our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have todayfound out that Stirling Law have closed. They carried out my conveyancing in Markfield for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Markfield conveyancing specialists.
Back In 2008, I bought a leasehold house in Markfield. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Markfield who previously acted has now retired. Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Markfield conveyancing practitioner to do this as you can do this on the Land Registry website 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 garden flat in Markfield, conveyancing was carried out July 1998. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Markfield with an extended lease are worth £180,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2084
With just 59 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
How and when do I cover the costs of stamp duty due for my purchase in Markfield?
The lawyer should complete a Land Transaction Return Form on your behalf as part of your Markfield purchase transaction for you to sign. On completion your solicitor will submit your Land Transaction Return Form to the Inland Revenue and - assuming they have the money - discharge any land tax payable for you.