My husband and I are refinancing our maisonette in Nag's Head with Leeds Building Society. We have a son 19 who lives with us. Our solicitor requested us to identify any adults 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 forfeited by the lender. I have two questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 brother-in-law has suggested I instruct a conveyancing solicitor in Nag's Head. I I am struggling to find out whether they are on the National Westminster Bank approved list of lawyers. Can you advise?
The first thing you should do is e-mail the solicitor and ask them if they are on the lender panel. Alternatively you should get in touch with National Westminster Bank who may be able to assist.
Should my lawyer be raising enquiries about flooding during the conveyancing in Nag's Head.
The risk of flooding is if increasing concern for solicitors dealing with homes in Nag's Head. Plenty of people will purchase a property in Nag's Head, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or by their conveyancers which can give them a better understanding of the risks in Nag's Head. The standard property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer may issue a claim for damages resulting from an inaccurate response. The purchaser’s conveyancers will also conduct an enviro report. This should reveal if there is any known flood risk. If so, further inquiries will need to be conducted.
I decided to have a survey completed on a house in Nag's Head in advance of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders may refuse to grant a loan on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you e-mail us we can investigate 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 Nag's Head. Conveyancing will be smoother if you use a solicitor in Nag's Head especially if they regularly deal with such properties in Nag's Head.
My husband and I are novice buyers - agreed a price, yet the selling agent advised that the owners will only go ahead if we instruct the agent's recommended lawyers as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor used to conveyancing in Nag's Head
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', turning down a genuine purchaser is not the way to achieve this. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Nag's Head conveyancing firm - not the ones that will provide the negotiator at the agency a commission or hit his conveyancing targets set by HQ.
I am attracted to a couple of maisonettes in Nag's Head which have in the region of forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Nag's Head is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Nag's Head conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Nag's Head conveyancing firm to assist?
Absolutely. We can put you in touch with a Nag's Head conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Nag's Head residence is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case affected 1 flat. The unexpired term was 71 years.