My partner and I intend to remortgage our penthouse in Sonning Common with Yorkshire BS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is repossessed. I have two concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 3 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 Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
When can the exchange of contracts happen for sale conveyancing in Sonning Common and am I required to be at the conveyancers office?
If you are near to one of the conveyancing solicitors in Sonning Common you are welcome to come in to sign contracts. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you electronically. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sonning Common)to be in the office available at the end of the phone to exchange contracts.
I have been referred to a conveyancing solicitor in Sonning Common. I I would like to check if they are on the Godiva Mortgages Ltd approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing to do is phone your lawyer and enquire whether they are on the lender panel. Otherwise you should call Godiva Mortgages Ltd who may be able to help.
five months have gone by following my purchase conveyancing in Sonning Common concluded. I have checked the Land Registry website 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 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.
What are your top tips when it comes to finding a Sonning Common conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Sonning Common conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Sonning Common conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Sonning Common who can give a testimonial? What are the costs for lease extension conveyancing?
I inherited a leasehold flat in Sonning Common, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Sonning Common with an extended lease are worth £181,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2076
With 51 years unexpired we estimate the price of your lease extension to be between £30,400 and £35,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Our solicitor in Sonning Common has discovered a a problem with the lease for the flat we are purchasing in Sonning Common. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.