My partner and I swapping mortgage lender for our apartment in Marlow with RBS. We have a son 18 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, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we purchased 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
five months have elapsed since my purchase conveyancing in Marlow concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Marlow differ for newly converted properties?
Most buyers of new build residence in Marlow contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Marlow typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Marlow or who has acted in the same development.
I decided to have a survey done on a property in Marlow in advance of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may refuse to issue a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Marlow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Marlow to see if the conveyancing costs will increase in light of this.
My father-in-law has urged me to appoint his conveyancers in Marlow. Should I choose my own property lawyer?
No doubt the ideal way to choose a conveyancing practitioner is to have recommendations from friends or family who have actually experience in using the firm you're considering.
Helen (my wife) and I may need to rent out our Marlow 1st floor flat temporarily due to taking a sabbatical. We used a Marlow conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Even though your last Marlow conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Marlow Leasehold Conveyancing - Sample of Queries before Purchasing
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Please inform me if there are any major works anticipated that will likely add a premium to the maintenance fees? What is the name of the managing agents? The best form of lease structure is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained where it is larger than a house conversion, the managing agent employed by the leaseholders.