My fiance and I are refinancing our maisonette in Monmouth with Virgin Money. We have a son 18 who lives with us. 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, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Virgin Money conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
I am close to exchanging contracts on the sale of our home in Monmouth and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Monmouth lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed an internet conveyancing firm rather than a conveyancing solicitor in Monmouth. We have lived in Monmouth for 5 years we know that this is a non issue. Do we contact our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You must check with 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 life insurance to cover that same illness)
I am buying a new build house in Monmouth with a mortgage from Lloyds TSB Bank. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not to tell my solicitor about this extras as it could impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Given that I will soon spend £400,000 on a two bedroom apartment in Monmouth I wish to talk to a conveyancer concerning theconveyancing in advance of instructing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your conveyancing in Monmouth.There is no ‘factory style conveyancing’ - every client is unique person, not a case number. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Monmouth should be the amount on the final invoice that you end up paying.
Estate agents have just been given the go-ahead to market my basement flat in Monmouth. Conveyancing has not commenced, but I have recently received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice as usual because all rents and maintenance payments will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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 acquired a garden flat in Monmouth, conveyancing having been completed in 2006. Can you work out an approximate cost of a lease extension? Similar flats in Monmouth with a long lease are worth £201,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2089
You have 64 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Is it true that a Monmouth conveyancing practice has court proceedings brought against them by a client for failing to conduct the right conveyancing investigations?
Our attention has not be brought to such a Monmouth conveyancing matter but it has been reported that, clients acquiring a property elsewhere in England successfully won a claim against their conveyancing practitioner due to development plans to build a wind farm not being identified in conveyancing searches.
If you are purchasing in Monmouth It is important that your property lawyer conduct all Monmouth conveyancing searches necessary making sure that you have accurate and up to date information before purchasing a property.