My wife and I are refinancing our flat in Oakham with UBS. 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 apartment is repossessed. I have two concerns (1) Is this document specific to the UBS conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right 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.
Are the BSA intent on creating a searchable register to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Oakham?
We have not been informed any plans on the part of the BSA to promote such a register.
Will my solicitor be raising enquiries concerning flooding as part of the conveyancing in Oakham.
Flooding is a growing risk for solicitors specialising in conveyancing in Oakham. Plenty of people will acquire a property in Oakham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that may be undertaken by the buyer or by their conveyancers which can give them a better understanding of the risks in Oakham. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to discover whether the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser may commence a compensation claim resulting from an incorrect response. The purchaser’s lawyers will also commission an enviro search. This should disclose whether there is any known flood risk. If so, additional inquiries should be made.
The deeds to our property are lost. The conveyancers who did the conveyancing in Oakham 5 years ago no longer exist. Will I be able to sell the house?
In today’s world there are copies made of almost everything, and your conveyancer should know exactly where to find all the appropriate paperwork so you can buy or sell your house without any difficulty. Where copies are not available, your lawyer may be able to arrange cover in the form of insurance or indemnities against possible claims on the premises.
What are your top tips when it comes to choosing a Oakham conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Oakham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Oakham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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How experienced is the practice with lease extension legislation? What volume of lease extensions have they conducted in Oakham in the last year?
I am the registered owner of a leasehold flat in Oakham, conveyancing was carried out 9 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? Corresponding properties in Oakham with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2077
You have 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
I have today had an offer accepted on a leasehold flat in Oakham and the estate agent that we are using recommended his solicitor. She quoted nine hundred pounds plus VAT and disbursements. Does this sound steep?
You should not rely on one quote. You should seek like-for-like quotes for your conveyancing in Oakham. Then pick one that you are comfortable with and crucially, is on the approved list of the mortgage company that you have applied for a mortgage from.