My husband and I changing mortgage lender for our flat in Thornbury with RBS. We have a son 18 who lives with us. 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 flat is forfeited by the lender. I have two concerns (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we remortgaged 3 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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 wanted to use a property lawyer in Thornbury for our house purchase. Our financial adviser informed us that our mortgage lenders Birmingham Midshires won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company will direct that a panel solicitor act for it. Borrowers are expected to bear the charges for this. Please make use of our search facility to get a quote from a solicitor to carry conveyancing in Thornbury on the Birmingham Midshires approved list of solicitors.
Does a directory service exist listing Nottingham panel conveyancers in Thornbury on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings viewable online. Where you are in need of a Thornbury property lawyer on the Nottingham please make the most of our tool.
Last month we had a mortgage agreed in principle with Coventry BS. Thornbury conveyancing solicitors are instructed. How long does it take for Coventry BS to send the offer to the property lawyer?
There is no definitive answer here. Have Coventry BS done the survey? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Coventry BS have agreed my mortgage in principle, my bid on a property in Thornbury has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Contact Coventry BS or your broker and complete any relevant documentation. Coventry BS will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Coventry BS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Thornbury.
Just had an offer accepted on a new build flat in Thornbury. 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Thornbury
-
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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 supply a car parking plan.
What are your top tips when it comes to appointing a Thornbury conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Thornbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Thornbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
-
If they are not ALEP accredited then why not? How many lease extensions have they completed in Thornbury in the last 12 months?
I own a split level flat in Thornbury, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Similar properties in Thornbury with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease runs out on 21st October 2082
With only 57 years left to run the likely cost is going to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
Do I stop the direct debit for my mortgage with Skipton once a completion date for my home sale in Thornbury has been agreed?
No, you should continue paying any mortgage sums to Skipton pending the mortgage being redeemed out of the proceeds of sale as part of your Thornbury conveyancing.