My partner and I intend to remortgage our maisonette in Queensferry with HSBC. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 flat is repossessed. I have a couple of questions (1) Is this document specific to the HSBC conveyancing panel as he never had to sign this form when we remortgaged 5 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
Is there a reason why leasehold purchase conveyancing in Queensferry costs more?
Queensferry leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Just bought a terraced house in Queensferry , how long will it take for the Land Registry to record my ownership? My Queensferry conveyancing solicitor has been painfully slow, so I want to be certain that my name is recorded.
There is nothing unique about conveyancing in Queensferry registration formalities. Rather than based on location, timescales can differ according to the party submitting the application, whether there are errors and if the Land registry communicate with any other parties. At present approximately three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer delays. Registration takes place once the new owner has moved in to the property therefore post completion formalities is not always top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
I am looking for a flat up to £235,500 and found one near me in Queensferry I like with amenity areas and station in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Queensferry for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend conveyancers offering competitive charges for commercial conveyancing in Queensferry for below 1500k?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Queensferry, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right lawyer. As for the fees this will depend on the structure and complexity of the deal. Please provide us with your contact information or telephone us so that we may provide you with a detailed commercial conveyancing quote.
What are the common defects that you witness in leases for Queensferry properties?
There is nothing unique about leasehold conveyancing in Queensferry. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I acquired a garden flat in Queensferry, conveyancing having been completed January 2010. 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? Comparable properties in Queensferry with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2087
You have 62 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.