My husband and I intend to remortgage our apartment in Tadcaster with Aldermore. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form 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 form unique to the Aldermore conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his entitlement 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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 am considering applying for a TSB mortgage for purchase of a new build (under development) in Tadcaster with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
What is your number one tip for choosing a conveyancing solicitor in Tadcaster
It would be unwise to be tempted by the lowest Tadcaster conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the single beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Tadcaster. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the house in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this requirement is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
When it comes to mortgage companies such as Santander, do Tadcaster lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I am purchasing a new build house in Tadcaster with a mortgage from Lloyds TSB Bank. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about this extras as it could impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I appoint a Tadcaster conveyancing lawyer based in the area that I am purchasing? I have an old university friend who can execute the legal work however they are based 400miles drive away.
The benefit of a high street Tadcaster conveyancing firm is that you can drop in to sign paperwork, deliver your identification documents and pester them if necessary. They will also have local insight which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were happy that must outweigh using an unfamiliar Tadcaster conveyancing lawyer solely due to them being based in the area.
We expect to complete our sale of a £475,000 garden flat in Tadcaster next week. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Tadcaster?
Tadcaster conveyancing on leasehold apartments usually necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled to invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a 2 bed flat in Tadcaster, conveyancing was carried out August 2000. Can you work out an approximate cost of a lease extension? Equivalent properties in Tadcaster with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2102
With just 77 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 plus legals.
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 investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.