I was told recently by my mortgage broker that my Silverton property lawyer is not on the bank Conveyancing panel. What can I do to be sure that this is correct?
The first thing you need to do is to contact your Silverton conveyancer. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My partner and I swapping mortgage lender for our penthouse in Silverton with Nottingham. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nottingham conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
I'm the only recipient of my late mum's will with all property in now in my sole name, including the house in Silverton. Conveyancing formalities meant that the Land Registry date was in November. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the house in November. Is the property unsalable for six months?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most banks would take a sensible view as this obligation is primarily there to identify subsales or the quick reselling of property.
Can I be sure that the Silverton conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Silverton seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing.
We are getting a further advance on our mortgage from Nationwide as we intend to conduct renovations to our home in Silverton. Are we obliged to choose a high street Silverton solicitor on the Nationwide conveyancing panel to handle the paperwork?
Nationwide don't usually instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide conveyancing panel.
It has been five months since my purchase conveyancing in Silverton concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 property 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.
I have been on the look out for a flat up to £235,500 and found one near me in Silverton I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Silverton suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I want to sublet my leasehold apartment in Silverton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease dictates relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Silverton do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Silverton Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned if changing the roof or some other significant cost is anticipated that will be shared by the leasehold owners and will dramatically increase the the maintenance fees or necessitate a one time invoice. Most Silverton leasehold flats will incur a service charge for maintenance of the building levied by the freeholder. Should you purchase the property you will have to meet this liability, normally periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say about £50-£100 but you need to check it because sometimes it could be surprisingly expensive.