My fiance and I intend to remortgage our penthouse in Nailsea with Santander. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Santander conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Santander. This is solely used to protect Santander 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 Santander 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 buying my first flat in Nailsea with a loan from Nationwide Building Society. The developers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my conveyancer about the extras as it would impact my loan with Nationwide Building Society. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Nailsea is where the house is located. Can you shed any light on this issue?
Flying freeholds in Nailsea are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Nailsea you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nailsea may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Taking into account that I will soon part with hundreds of thousands of pounds on a garden flat in Nailsea I wish to have a conversation with the solicitor about myhome move in advance of instructing the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor who will be doing your property ownership legalities in Nailsea.There is no ‘factory style conveyancing’ - every client is unique individual, not a file reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Nailsea should be the figure that you are charged.
I am using a search engine for the phrase conveyancing in Nailsea it brings up many conveyancerslocally. With so much choice what is the best way to find the right solicitor for me?
The preferential method of seeking a suitable conveyancer is through a personal recommendation, so enquire of friends and family who have bought a property in Nailsea or a reputable estate agent or mortgage broker. Costs for conveyancing in Nailsea vary, so it's sensible to request a minimum of three fee calculations from different conveyancers. Make sure that you know that the charges are assured not to rise.
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Nailsea. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Nailsea are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Nailsea so you should seriously consider shopping around for a Nailsea conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.
I acquired a 1st floor flat in Nailsea, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Nailsea with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2081
With just 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.