My fiance and I changing mortgage lender for our penthouse in Swanland with Leeds Building Society. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 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 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.
Why is leasehold purchase conveyancing in Swanland costs more?
Swanland leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
The Swanland conveyancing lawyers that just started acting on my purchase in Swanland have suddenly shut down. I chose them because I had to have a solicitor on the TSB conveyancing panel and my family Swanland lawyer was not. I cut them a cheque for two hundred pounds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I am aiming to move home in September. Will my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you suggest a removal company in Swanland. Conveyancing firm was found prior to coming across your page.
On the day of completion you will need to collect the house keys from your selling agent however this should only occur after the previous owners solicitors inform the agent that the monies to complete are in and the keys can be released. Subsequently you can inform the removal men that you are ready to move in. As a matter of policy we do not suggest a specific removal company but can help you find a conveyancing in Swanland or a legal practice that specialises in conveyancing in Swanland.
We previously selected conveyancers based in Swanland on the TSB solicitor panel. They have just invoiced me a further fee for dealing with the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner may levy a fee for this. This charge is not set by TSB but by your Swanland property lawyer. Numerous firms on the TSB panel will levy an ‘acting for lender’ fee and others do not.
RBS have agreed my home loan in principle, my offer on a house in Swanland has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Contact RBS or the broker and finalise any outstanding documentation. RBS will instruct a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. RBS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Swanland.
I have recentlybecome aware that Stirling Law have closed. They carried out my conveyancing in Swanland for a purchase of a leasehold apartment 9 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Swanland conveyancing specialists.
There are only 68 years unexpired on my flat in Swanland. I am keen to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the lessor. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Swanland.
I bought a 2 bed flat in Swanland, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Swanland with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease ends on 21st October 2082
With just 57 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.