My partner and I intend to remortgage our maisonette in Murton with HSBC. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the HSBC 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?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
We're in Murton, FTBs buying with a mortgage (lender is Barclays , and our lawyer is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
It has been 4 months following my purchase conveyancing in Murton 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 residence 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 Murton differ for new build properties?
Most buyers of new build or newly converted property in Murton approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Murton tend to purchase 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 Murton or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 impact my business premises in Murton and how can you help?
The particular law that you refer to affords protection to business tenants, giving them the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Murton
I am hoping to exchange soon on a basement flat in Murton. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Murton should include some of the following:
-
Rent payments - what is due and when is collected, and also know whether this is subject to change The length of the lease term. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Does the lease prevent you from subletting the flat, or working from home You should receive a copy of the lease
I inherited a 1st floor flat in Murton, conveyancing having been completed June 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Murton with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2076
With 50 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.