My fiance and I intend to remortgage our maisonette in Wisbech with Bank of Ireland. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we purchased 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 Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
Will our lawyer be asking questions about flooding during the conveyancing in Wisbech.
The risk of flooding is if increasing concern for solicitors dealing with homes in Wisbech. Some people will acquire a house in Wisbech, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that may be initiated by the buyer or by their conveyancers which should figure out the risks in Wisbech. The conventional set of information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to determine if the property has suffered from flooding. If the residence has been flooded in past and is not disclosed by the seller, then a buyer may commence a legal claim for losses as a result of such an misleading reply. The purchaser’s solicitors will also conduct an enviro report. This should indicate whether there is a recorded flood risk. If so, further investigations should be conducted.
Just had an offer accepted on a new build apartment in Wisbech. Conveyancing is daunting 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 is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Wisbech
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. 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.
As co-executor for the will of my grandmother I am selling a house in Monmouth but I am based in Wisbech. My conveyancer (who is 235 miles awayneeds me to execute a statutory declaration prior to completion. Could you suggest a conveyancing solicitor in Wisbech to witness this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are based in Wisbech
Last March I purchased a leasehold flat in Wisbech. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 2 bed flat in Wisbech, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Wisbech with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2095
With only 69 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Why can I not complete our conveyancing in Wisbech on Easter Monday?
This is due to the fact that on completion the funds will pass between the banks of the purchaser and seller's lawyer and currently this can only occur on a working day. So you can't complete on a saturday or sunday either.