My fiance and I changing mortgage lender for our flat in Newmarket with Clydesdale. We have a son 18 who lives with us. Our solicitor has asked us to disclose 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, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Clydesdale conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
Can I use your services to recommend a Conveyancing solicitor in Newmarket even if I’m not purchasing or selling a house, for instance if I intend to buy an office in Newmarket with a loan from Clydesdale?
The service is predominantly utilised to locate domestic conveyancing solicitors in Newmarket but we have listed towards the bottom of this page some Newmarket commercial conveyancing firms. You should make contact with the firm directly to see if they can also act for Clydesdale
I can see plenty of information on this site regarding conveyancing in Newmarket but can you isolate your top tip for appointing the right conveyancer in Newmarket
Do not opt for the cheapest Newmarket conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
What is the difference between a licensed conveyancer and conveyancing solicitor in Newmarket
Two types of professional can perform conveyancing in Newmarket namely CLC regulated conveyancers or solicitors. The two can administer conveyancing services that you need to complete the sale or acquisition of property. Both are duty bound to execute Newmarket conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly conducted and that all requisite procedures should be suitably attended to.
I have a mortgage with Bank of Ireland for my property in Newmarket. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when buying a house in Newmarket? or I am told that there is a law dating back centuries that could mean that owners of property living in a parish church boundary will be compelled to contribute towards maintenance to the chancel within the church. Is this a legitimate concern for conveyancing in Newmarket?
Unless a prior purchase of the property took place post 12 October 2013 you may assume that conveyancing practitioners delivering conveyancing in Newmarket to continue to propose a a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Newmarket I like with a park and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Newmarket for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am tempted by the attractive purchase price for a two apartments in Newmarket both have in the region of 50 years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
Newmarket Leasehold Conveyancing - A selection of Queries Prior to buying
-
It would be wise to enquire if there are any onerous prohibitions in the lease. For instance it is very common in Newmarket leases that pets are not permitted in certain buildings in Newmarket. If you like the propertyin Newmarket but your dog is not allowed to make the move with you then you have a very difficult choice. Please note that where the lease has no more than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would need to own the premises for a couple of years in order to be entitled to exercise a lease extension. This information is helpful as a) areas could result in problems in the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have all the details