My partner and I are refinancing our apartment in Sandy with Nationwide. We have a son 18 who lives with us. Our solicitor has asked us to disclose 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, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 5 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
At what point will exchange of contracts take place for purchase conveyancing in Sandy and am I required to be at the lawyers office?
Where you are round the corner to our conveyancing solicitors in Sandy you are invited in to sign contracts. That being said, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you electronically. The executing of the property agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sandy)to be in the office available at the end of the phone to exchange contracts.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Sandy is where the house is located. Can you offer any advice?
Flying freeholds in Sandy are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sandy you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandy may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was recommended by a few selling agents in Sandy to locate a solicitor on your site. What’s the financial upside for Estate Agents to offer your lawyers over and above a competitor’s?
We refuse to give any commission for sending work in our direction. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I need to find a conveyancing solicitor for remortgage conveyancing in Sandy. I've land on a site which seems to have the perfect solution If it is possible to get all formalities completed via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Are there common problems that you witness in leases for Sandy properties?
Leasehold conveyancing in Sandy is not unique. Most leases are drafted differently and drafting errors can result in certain sections are not included. 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 provision for the recovery of money spent for the benefit of another party.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Barclays Direct all have express 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 grant the mortgage, forcing the purchaser to withdraw.
I inherited a ground floor flat in Sandy, conveyancing having been completed September 1999. 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? Equivalent properties in Sandy with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2083
With just 58 years unexpired we estimate the premium for your lease extension to be between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.