My wife and I intend to remortgage our flat in Nunthorpe with UBS. We have a son approaching twenty who lives at home. 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, giving up any rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the UBS conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your UBS 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 UBS. This is solely used to protect UBS 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 UBS 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.
Why is leasehold purchase conveyancing in Nunthorpe costs more?
The conveyancing charges for a leasehold premises in Nunthorpe is inevitably greater as compared to a freehold acquisition or disposal. This is due to the additional investigations necessary in liaising with the freeholder and managing agents to obtain evidence concerning whether the rent and maintenance charges have been cleared and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
I am looking for a flat up to £235,500 and identified one close by in Nunthorpe I like with a park and transport links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Nunthorpe suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am looking into buying my first house which is in Nunthorpe and I am already nervous. I couldn't find anything specific about Nunthorpe. Conveyancing will be needed in due course but do you know about the Nunthorpe area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Nunthorpe. In the meantime here are some basic statistics that we found
Looking forward to exchange soon on a basement flat in Nunthorpe. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Nunthorpe should include some of the following:
-
You should be told what is to be regarded as a Nuisance as far as the lease is concerned You should know if the lease permits you to add or upgrade anything in the property- you should be made aware as to whether any restrictions relates to all alterations or limited to structural alteration, and whether licences for alterations is required Where does the liability rest for repairing the window frames Ground rent - what is payable and when you need to pay, and be on notice if this will change in the future Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
I am the registered owner of a leasehold flat in Nunthorpe, conveyancing having been completed April 1998. Can you work out an approximate cost of a lease extension? Equivalent properties in Nunthorpe with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2102
With 76 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
My mother and father are unable to locate their Nunthorpe land registry title on the online search facility. They recall that back in the 60’s when they bought the bungalow there were complications with Nunthorpe not being identified on some systems.
The vast majority of premises in Nunthorpe should be revealed. Have you endevoured to search to just the postcode. Normally it should disclose all the houses and flats inside the postcode. Where recorded it will show up with a title number. If they bought back in the 70’s it's conceivable it may be unregistered. The address could still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title documentation which could be with your parent’s lender.