My husband and I changing mortgage lender for our apartment in Navenby with Nationwide. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document 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 Nationwide conveyancing panel as he did not need 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
How does conveyancing in Navenby differ for new build properties?
Most buyers of new build premises in Navenby come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Navenby tend to acquire the land, 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 conveyancers 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 Navenby or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and identified one close by in Navenby I like with a park and railway links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Navenby suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am looking into buying my first house which is in Navenby and I am already nervous. I couldn't find anything specific about Navenby. Conveyancing will be needed in due course but do you know about the Navenby area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Navenby. In the meantime here are some basic statistics that we found
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Navenby. I need to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to locate the landlord. For most situations a specialist should be helpful to try and locate and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Navenby.
Navenby Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Who are the managing agents? What is the annual maintenance fee and ground rent?
Is there a distinction between surveying and conveyancing in Navenby?
Conveyancing - in Navenby or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you discover the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the vendor to remedy the defects before you complete your move.