My husband and I are refinancing our penthouse in Upton Upon Severn 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 lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we bought 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.
I am the registered owner of a freehold residence in Upton Upon Severn but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Upton Upon Severn and has limited impact for conveyancing in Upton Upon Severn but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
We hope to to buy with Earl Shilton BS. I visited a few local companies but am unable to find a Upton Upon Severn conveyancing firm on the Earl Shilton BS approved list. Can you assist?
Please do take advantage of the find a conveyancing panel solicitor tool on this page. Pick the building society and type Upton Upon Severn or your preferred area and you will be presented with numerous conveyancers based in Upton Upon Severn or by proximity to you.
I purchased my home on 11 August and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Upton Upon Severn advises it will be recorded inside ten days. Are properties in Upton Upon Severn uniquely lengthy to register?
As far as conveyancing in Upton Upon Severn registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether there are errors and if the Land registry communicate with any 3rd parties. At present approximately three quarters of submission are fully dealt with within 12 days but occasionally there can be longer hold-ups. Registration occurs after the new owner is living at the property therefore an expedited registration is not typically top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Upton Upon Severn is the location of the property. Can you offer any assistance?
Flying freeholds in Upton Upon Severn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upton Upon Severn you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upton Upon Severn may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What makes a Upton Upon Severn lease defective?
Leasehold conveyancing in Upton Upon Severn is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the building
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I inherited a garden flat in Upton Upon Severn, conveyancing formalities finalised September 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Upton Upon Severn with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2102
With 77 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.