My wife and I are refinancing our apartment in Uppingham with Santander. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Santander 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 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 Santander. This is solely used to protect Santander 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 Santander 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.
I'm the single recipient of my late mum's will with all property in now in my sole name, including the house in Uppingham. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I understand that there is a CML six month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the property in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many banks would take a sensible view as this provision is principally there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
The mortgage over my property is with Co-operative for my property in Uppingham. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval prior to letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel lawyer.
I recently had an offer accepted on a house in Uppingham. My mortgage broker pressured me to appoint their lawyer. I paid an upfront payment of £175. Not long after, the property lawyer called me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Just had an offer accepted on a new build apartment in Uppingham. Conveyancing is a frightening process 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.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Uppingham
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Please confirm the Lease plans are architect prepared. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Uppingham I like with open areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Uppingham suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Should I instruct a Uppingham conveyancing practitioner based in the location that I am buying? I have an old university friend who can carry out the conveyancing however his firm is located 400miles drive away.
The benefit of a high street Uppingham conveyancing firm is that you can drop in to execute documents, hand in your identification documents and pester them if necessary. Having local Uppingham know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and they were happy that must surpass using an unfamiliar Uppingham conveyancing solicitor solely due to them being round the corner.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Uppingham. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Uppingham ?
Most houses in Uppingham are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Uppingham in which case you should be looking for a Uppingham conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I invested in buying a 1st floor flat in Uppingham, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Uppingham with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.