My fiance and I intend to remortgage our flat in Sneinton with Bank of Ireland. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. 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 Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
Finally the sale completed on my house in Sneinton last November but the buyer keeps SMS messaging daily to say her conveyancer needs to hear from mine. What should my lawyer have done following completion?
After completion of your house sale your conveyancer should deliver the transfer documentation and all additional paperwork to the purchaser's lawyers. Where appropriate, your conveyancer should also evidence that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion steps specific conveyancing in Sneinton.
four months have elapsed following my purchase conveyancing in Sneinton concluded. I have checked the Land Registry site which shows that I paid £200,000 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 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.
I am buying a new build apartment in Sneinton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sneinton
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
My business partner and I are wishing to lease a unit on the high street. Can you recommend solicitors offering fixed costs for commercial conveyancing in Sneinton for less than £1,200?
We can recommend firms who have specialist knowledge of commercial conveyancing in Sneinton, including the sale and purchase of businesses as well as simply premises. Whether you are hoping to acquire or dispose of a shop, pub, restaurant, office, retail premises or a complete business we can find you the right firm. As for the charges this will depend on the structure and heads of terms of the proposed transaction. Let us have your details or call so as to enable us to furnish you with a fixed commercial conveyancing quote.
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Sneinton. I am keen to get lease extension but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. On the whole a specialist may be useful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court covering Sneinton.
I inherited a studio flat in Sneinton, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Sneinton with a long lease are worth £265,000. The ground rent is £50 per annum. The lease ends on 21st October 2102
With only 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.