My wife and I swapping mortgage lender for our maisonette in Mersea Island with Lloyds. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we remortgaged 3 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 Lloyds 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Mersea Island? Why is this being asked of me?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Mersea Island. However these days you can not complete any conveyancing process without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper section as well as the photo card part, one is not satisfactory in the absence of the other.
Proof of the source of monies is mandated in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor must retain this information on file. Your Mersea Island conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further queries regarding the origin of monies.
Just had an offer accepted on a new build apartment in Mersea Island. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Mersea Island
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I am looking for a ground for flat up to £195,000 and found one close by in Mersea Island I like with a park and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Mersea Island for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Do I need to be suspicious about estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a local Mersea Island conveyancing practice?
As with lots of service providers, often referrals from relatives can be worth their weight in gold. But there are lots of players in a conveyancing matter; estate agents, financial adviser and banks may suggest conveyancers to use. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the recommendation. You are free to choose your own lawyer. You need to be aware that many mortgage providers specify a panel list of lawyers you have to use for the mortgage aspect of your home move.
Estate agents have just been given the go-ahead to market my ground floor flat in Mersea Island. Conveyancing has not commenced, however I have just received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is clear the invoice as normal as all ground rent and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a 2 bed flat in Mersea Island, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Mersea Island with a long lease are worth £190,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2085
With 61 years left to run the likely cost is going to span between £19,000 and £22,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account 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 getting professional advice.