My wife and I are refinancing our apartment in Thurston with Lloyds. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
Finally the sale completed on my house in Thurston last April yet the purchaser is Skype messaging every few hours complaining that her conveyancer is waiting to hear from mylawyer. What should have happened now that I have sold?
Following your disposal your solicitor should forward the transfer documentation and all additional paperwork to the purchaser's lawyers. Where relevant, your solicitor should also confirm that the home loan has been paid off to the purchasers solicitors. There are no post completion tasks just for conveyancing in Thurston.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Thurston. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/12/2024, the requirements read as follows :
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Thurston I like with amenity areas and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Thurston suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My brother has urged me to appoint his lawyers for conveyancing in Thurston. Do I follow his guidance?
Much as we are happy to recommend a Thurston conveyancing lawyer the best way to find a conveyancing lawyer is to get referrals from friends or family who have used the firm you're are thinking of instructing.
Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Thurston. I now wish to extend my lease but my freeholder is missing. What options are available to me?
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 mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist would be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Thurston.
I am the registered owner of a basement flat in Thurston, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Equivalent properties in Thurston with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2082
With 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 as well as costs.
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 without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other 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 before getting professional advice.