My fiance and I changing mortgage lender for our maisonette in South Cave with Clydesdale. We have a son 19 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this form unique to the Clydesdale conveyancing panel as he never had to sign this form when we purchased 4 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 Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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 South Cave last February yet the purchaser is e-mailing me to say their lawyer is waiting to hear from mysolicitor. What should my lawyer have done now that I have sold?
Following your sale your solicitor should deliver the transfer deeds and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor should also confirm that the home loan has been discharged to the buyers conveyancers. There are no post completion formalities specific conveyancing in South Cave.
What happens if my lawyer’s firm is suspended from the Lloyds Solicitor panel ahead of completing my conveyancing in South Cave?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various web forums that I have come across warn that are the primary cause of delay in South Cave house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in South Cave.
My husband and I are one month into a freehold purchase having been recommend to solicitors by the high street agent to handle our conveyancing in South Cave. I am am extremely dissatisfied with the quality of service. Could you help me find new lawyers?
A conveyancer would have to be very poor to suggest changing them. Has the loan offer been sent? If so you need to inform them of the new contact details and ensure the mortgage documents are re-sent. The solicitor ideally needs to be on the mortgage company approved list to avoid added expenses and delays. So that should be your starting point. The search tool will help you find a bank approved lawyer for your home move in South Cave
Do you have any advice for leasehold conveyancing in South Cave with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in South Cave can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. A minority of South Cave leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
I inherited a ground floor flat in South Cave, conveyancing was carried out in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in South Cave with an extended lease are worth £206,000. The ground rent is £45 yearly. The lease finishes on 21st October 2092
With just 66 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 as well as 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 renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.