My fiance and I are refinancing our apartment in Temple with Bank of Ireland. We have a son approaching twenty 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, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather use a local conveyancing solicitor in Temple?
You should check but the chances are that give you one of their panel lawyers where you accept the "fee-free" offer. Contact the mortgage company and determine if they allow a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Temple.
My conveyancer has informed me that chancel insurance is necessary on my purchase. What is the level of cover for Temple conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We previously appointed conveyancers based in Temple on the UBS solicitor panel. They are now charging me a further amount for dealing with the UBS mortgage. Is this an additional conveyancing fee specified by UBS?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. The charge is not dictated by UBS but by your Temple lawyer. Numerous firms on the UBS panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
About to purchase apartment in Temple. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Temple conveyancer is on the Kent Reliance conveyancing panel.
My husband and I are first time buyers - agreed a price, but the estate agent told us that the vendor will only move forward if we instruct the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Temple
We suspect that the seller is unaware of this ultimatum. Should the owner desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you intend to use your preferred Temple conveyancing firm - not the ones that will earn their estate agent a kickback or meet his conveyancing targets pre-set by head office.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Temple. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Temple ?
The majority of houses in Temple are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Temple so you should seriously consider shopping around for a Temple conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Temple. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Temple conveyancing firm who can help.
An example of a Lease Extension decision for a Temple flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired lease term was 66.8 years.
New build sellers have recommended to me a lawyer and I've obtained a quote from them. They are almost £300 less expensive than my local Temple lawyer. Should I use them?
Housebuilders often have panels of conveyancers who are quick and who know the developer’s paperwork and conveyancer. Plenty of developers offer an incentive to choose a preferred property lawyer for this reason, any increased cost can be avoided and a builder won't suggest a conveyancing factory and run the risk of having the conveyancing stall when they want exchange within a tight deadline. The argument for not opting for the suggested solicitor is that they may be reluctant to 'push' your interests for fear of alienating the developer. If you worry that this may be the case you should stick with your local Temple conveyancing practitioner.