My fiance and I are refinancing our penthouse in Ventnor with Nationwide. 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 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 flat is repossessed. I have two questions (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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 Ventnor but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Ventnor and has limited impact for conveyancing in Ventnor 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We're in Ventnor, FTBs purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am assisting my step-mother sell her property in Ventnor. Will the solicitor commission an energy assessment or it is for the owner to coordinate?
Following the demise of Home Information Packs, energy performance certificates became a compulsory element of moving property. An EPC must be to hand prior to the property being put on the market. It is not a task that solicitors ordinarily arrange. Where you are using a Ventnor conveyancing solicitor they may be able to arrange energy performance certificates given their contacts with long established local providers
My bid for a property was accepted at auction in Ventnor. Conveyancing is necessary. What are my next steps?
Now that you are to all intents and purposes signed on the dotted line you should find a conveyancing lawyer as a matter of urgency as you now have a pending a fixed date to complete the property. All auction property should have a corresponding auction set of papers. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
The mortgage over my property is with Skipton for my property in Ventnor. Conveyancing has been completed a year 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 Skipton?
Skipton must be informed of your intention before letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will permit you to let 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 Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
Due to the guidance of my in-laws I had a survey completed on a house in Ventnor before instructing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders tend refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ventnor. Conveyancing may be slightly more expensive based on your lender's requirements.
My brother is buying a shared ownership flat in Ventnor. He has received an estimate by the property lawyer recommended by the estate agents and it came to £1245 . It was ten years ago I sold and bought a home and the fee was £450. Have costs really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Ventnor searches, land registry fees, etc)