My fiance and I intend to remortgage our flat in Shildon with Co-operative. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. 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 a couple of questions (1) Is this document specific to the Co-operative conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Co-operative 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
Completed the sale of my flat in Shildon last June but my buyer keeps texting me to moan that her lawyer is waiting to hear from mylawyer. What should have happened now that I have sold?
Following your disposal your lawyer is obliged to send the transfer deeds and all additional paperwork to the purchaser's solicitors. Where appropriate, your conveyancer must also send confirmation that the mortgage has been discharged to the purchasers lawyers. There is unlikely to be post completion procedures just for conveyancing in Shildon.
How does conveyancing in Shildon differ for newly converted properties?
Most buyers of new build or newly converted property in Shildon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Shildon typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shildon or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Shildon is where the house is located. What do you suggest?
Flying freeholds in Shildon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shildon you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shildon 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 premises.
I am selling my house. My previous conveyancers has retired. It would be helpful to have a recommendation of a conveyancing firm. Im based in Shildon if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Shildon. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I work for a long established estate agent office in Shildon where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Shildon conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a 1 bedroom flat in Shildon, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Shildon with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2079
With only 55 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. 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. Please do not move forward placing reliance on this information before getting professional advice.