My fiance and I swapping mortgage lender for our flat in Stourport On Severn with Leeds Building Society. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 used Action Conveyancing a few years ago for my conveyancing in Stourport On Severn. Now, I need my documents however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stourport On Severn of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build apartment in Stourport On Severn. Conveyancing is necessary evil 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Stourport On Severn
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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? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Stourport On Severn I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Stourport On Severn for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Looking forward to sign contracts shortly on a studio apartment in Stourport On Severn. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Stourport On Severn should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. The physical extent of the demise. This might be the property itself but may include a loft or cellar if appropriate. What options are open to you if a neighbour is in violation of a provision in their lease?
I bought a ground floor flat in Stourport On Severn, conveyancing was carried out in 2009. Can you work out an approximate cost of a lease extension? Equivalent properties in Stourport On Severn with a long lease are worth £195,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2087
You have 62 years left to run the likely cost is going to range between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
How and when do I pay the Stamp Duty Land Tax due for my Stourport On Severn property purchase?
Your property lawyer should complete a stamp duty return for you as part of your Stourport On Severn purchase transaction for signature. On completion your solicitor will submit the Land Transaction application to the Inland Revenue and - assuming they have the money - discharge any land tax liability for you.