My husband and I intend to remortgage our flat in Rothwell with Barclays. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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 forfeited by the lender. I have two concerns (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
We note that you have a post code search directory identifying firms on the Coventry BS conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Rothwell?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Rothwell.
When looking at online forums for an online solicitor in Rothwell, many comment that I must use a CQS assured solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures via the scheme protocol It covers many firms who conduct conveyancing in Rothwell.
We are close to exchanging contracts on the sale of our home in Rothwell and according to the buyers it appears that there is a risk of it being built on contaminated land. A local lawyer would know this is not the case. It does beg the question why the buyers are using an online conveyancing firm rather than a conveyancing solicitor in Rothwell. We have lived in Rothwell for many years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
In relation to leasehold conveyancing in Rothwell what are the most common lease defects?
Leasehold conveyancing in Rothwell is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a leasehold flat in Rothwell, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Rothwell with a long lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2077
With 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
At what stage do I cover the costs of stamp duty due for my purchase in Rothwell?
Most conveyancing practitioners tend to fill out a Land Transaction Return Form for you during your Rothwell conveyancing transaction for signature. On completion your solicitor will submit the STL application to the Tax Authorities and - as long as they have the money - pay any land tax liability for you.