My fiance and I intend to remortgage our penthouse in Wheathampstead with Yorkshire BS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults 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 Yorkshire BS conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish 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 Yorkshire BS. This is solely used to protect Yorkshire 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 Yorkshire 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.
We are looking to buy a flat and need a conveyancing solicitor in Wheathampstead who is on the Principality solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Principality . We don't recommend any particular firms conducting conveyancing in Wheathampstead.
I have been recommended a conveyancing solicitor in Wheathampstead. I I am struggling to find out if they are on the Aldermore conveyancing panel. Can you advise?
The first thing to do is e-mail the conveyancer and ask them whether they are on the lender panel. Otherwise please get in touch with Aldermore who may be able to confirm.
In my capacity as executor for the will of my aunt I am disposing of a residence in Cardiff but I am based in Wheathampstead. My lawyer (who is 300 miles awayneeds me to execute a stat dec ahead of completion. Could you suggest a conveyancing lawyer in Wheathampstead to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are located in Wheathampstead
I am tempted by the attractive purchase price for a couple of apartments in Wheathampstead both have about fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Wheathampstead is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Wheathampstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 Wheathampstead - Examples of Questions you should consider Prior to Purchasing
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Is the freehold owned jointly by the leaseholders? Are any of leasehold owners in dispute over their service charge payments? Is anyone aware of any major works on the horizon that could increase the service costs?
What happens where there is an issue with one of the searches for my conveyancing in Wheathampstead?
Usually, the majority of problems arising from Wheathampstead conveyancing search results can be dealt with before completion or title insurance can be put in place. You need to remember that regardless of the fact that you are acquiring the property and might be willing to accept the search results, your lender may not, and when all said and done the decision rests with them.