My wife and I intend to remortgage our apartment in Tywyn with RBS. We have a son approaching twenty 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. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up 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 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.
Last month we had a mortgage agreed in principle with Aldermore. Tywyn conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore completed the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We expect to receive a AIP from Skipton this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Tywyn solicitors on the Skipton conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Tywyn solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
The formalities of my remortgage has taken place for my property in Tywyn. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I have been told that property searches are the number one cause of delay in Tywyn conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Tywyn.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who dealt with the conveyancing in Tywyn 4 years ago no longer exist. What are my next steps?
You no longer need to have the physical official documentation to prove you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
I'm buying my first flat in Tywyn benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of extras instead. The estate agent advised me not disclose to my lawyer about the side-deal as it will put at risk my mortgage with Clydesdale. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am in need of some leasehold conveyancing in Tywyn. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Tywyn - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a basement flat in Tywyn, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Tywyn with an extended lease are worth £265,000. The ground rent is £50 yearly. The lease ceases on 21st October 2102
With only 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.