My husband and I swapping mortgage lender for our flat in Mountain Ash with TSB. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the TSB 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 TSB 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 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.
My bid for a property was accepted at auction in Mountain Ash. Conveyancing is needed. What happens now?
Given that you are now exchanged you will need to instruct a conveyancing solicitor as a matter of urgency as you now have a tight a drop dead date to complete the transaction. Every auction property will have a bespoke auction set of papers. This will include most,if not all of the paperwork that your lawyer requires. In the case of leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You must hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in order to complete the transaction on the set completion date.
My partner and I have arranged the release of further funds on our home loan from Leeds Building Society as we intend to carry out renovations to our property in Mountain Ash. Are we obliged to appoint a high street Mountain Ash solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society would not normally require a member of 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 Leeds Building Society list.
The formalities of my purchase has taken place for my property in Mountain Ash. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Various internet forums that I have come across warn that are the primary cause of obstruction in Mountain Ash conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Mountain Ash.
I'm purchasing my first flat in Mountain Ash with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my conveyancer about the deal as it would affect my mortgage with Leeds Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
How do I use your search facility to select a conveyancing solicitor in Mountain Ash on the authorised to act for my mortgage?
First select a bank such as Halifax, The Royal Bank of Scotland or Nottingham Building Society then type in your location such as Mountain Ash. Conveyancing organisations in Mountain Ash and beyond should be identified.
I am looking at a two apartments in Mountain Ash both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Mountain Ash. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
Mountain Ash Leasehold Conveyancing - Examples of Questions you should consider before buying
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The best form of lease structure is a share of the freehold. In this scenario the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. Does the lease contain onerous restrictions? If a Mountain Ash lease has no more than 80 years it will impact the salability of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the premises for two years before you are eligible to carry out a lease extension.