My husband and I changing mortgage lender for our penthouse in Salford with Lloyds. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 repossessed. I have two concerns (1) Is this form unique to the Lloyds conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
It has been five months following my purchase conveyancing in Salford concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Should I be concerned by brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a local Salford conveyancing practice?
As is the case with lots of service providers, often referrals from relatives can be most helpful. Nevertheless there are numerous people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks might all recommend conveyancers to retain. On occasion these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. However, bear in mind that many banks have an approved list of lawyers you have to use for the lender related work in your conveyancing.
In my capacity as executor for the estate of my grandmother I am selling a residence in Cardiff but live in Salford. My lawyer (based 200 miles from mehas requested that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing solicitor in Salford who can attest this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are located in Salford
We expect to complete our sale of a £150,000 flat in Salford in 10 days. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Salford?
Salford conveyancing on leasehold flats more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is requested of you if you want to sell the property.
Leasehold Conveyancing in Salford - Sample of Questions you should consider before buying
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Are any of leasehold owners in dispute over their service charge liability? What is the the remaining lease term?
One month into purchasing a house in Salford. Conveyancing lawyer has told us the title is "Leasehold". Will this likely adversely affect the salability of the property?
Salford conveyancing does not ordinarily involve leasehold houses. The key consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the value significantly.
On the flip side, if it's, say, fifty five years it is bound to have a material impact on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease provided to your solicitor.