My husband and I intend to remortgage our penthouse in Sketty with Kent Reliance. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. 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 a couple of questions (1) Is this document specific to the Kent Reliance 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?
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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
Is it the case that all Sketty solicitor practices on the Lloyds conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the SRA. Some banks do permit licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
The mortgage over my property is with Clydesdale for my property in Sketty. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
I am due to exchange contracts on my house. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nottingham are being pedantic. The Sketty solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm buying my first flat in Sketty with the aid of help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my lawyer about this deal as it will impact my loan with Accord Mortgages Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking into buying my first house which is in Sketty and I am already nervous. I couldn't find anything specific about Sketty. Conveyancing will be needed in due course but do you know about the Sketty area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Sketty. In the meantime here are some basic statistics that we found
In relation to leasehold conveyancing in Sketty what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Sketty. Most leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Aldermore all have very detailed requirements 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, obliging the buyer to withdraw.
I am the registered owner of a basement flat in Sketty, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Sketty with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2077
With 51 years unexpired the likely cost is going to be between £30,400 and £35,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Should local authority consent be required to convert a house into multiple appartments in Sketty? This has occurred to a property opposite to a relative in Sketty and was not aware of the conversion until it was finished.
Planning Consent yes. Building Reg Approval yes.