My husband and I are refinancing our flat in Trentham with Coventry BS. We have a son 19 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the Coventry BS conveyancing panel as he did not need 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?
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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Can your site be used to find a Conveyancing solicitor in Trentham even if I’m not purchasing or disposing of a house, for example where I wish to acquire a shop in Trentham with a loan from Norwich and Peterborough Building Society?
The service is mainly there to select domestic conveyancing solicitors in Trentham but we have set out at the end of this page a selection of Trentham commercial conveyancing firms. You should speak with the solicitors directly to check if they can also act for Norwich and Peterborough Building Society
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Trentham I like with a park and railway links nearby, however it only has 61 years unexpired on the lease. There is not much else in Trentham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months 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 with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
In my capacity as executor for the estate of my grandmother I am selling a property in Monmouth but I am based in Trentham. My solicitor (who is 250 kilometers from merequires that I sign a statutory declaration prior to completion. Can you recommend a conveyancing lawyer in Trentham who can attest this legal document for me?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are Trentham based
I am tempted by the attractive purchase price for a couple of apartments in Trentham which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Trentham is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Trentham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Trentham - Examples of Queries before Purchasing
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It is important to be aware whether a new roof is being put on or some other significant cost is pending to be shared amongst the tenants and will dramatically increase the the maintenance fees or necessitate a specific payment. How many of the leaseholders are in arrears for their maintenance charge payments? Are there any major works in the near future that will likely add a premium to the service charges?
What is the best way of identifying a commercial conveyancing in Trentham?
First ask the people you trust who they would recommend. Option 2 is to search the internet for conveyancing in Trentham. Phone a couple or more firms from the list and request that they email you their conveyancing charges and speak to the lawyer who will handle your conveyancing before you make your decision. Third is to use our search tool to assist you in finding the right lawyers taking into account your unique requirements including location,speed, complexity and who your intended lender is.Resist the temptation to appoint £99 conveyancing solicitors in Trentham