My husband and I are refinancing our maisonette in Withernsea with UBS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 forfeited by the lender. I have a couple of concerns (1) Is this document specific to the UBS conveyancing panel as he never had to sign this form when we remortgaged 5 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 UBS 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 UBS. This is solely used to protect UBS 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 UBS 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 Withernsea but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Withernsea and has limited impact for conveyancing in Withernsea 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm purchasing my first flat in Withernsea benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my lawyer about this extras as it could jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Withernsea is the location of the property. Is there any advice you can impart?
Flying freeholds in Withernsea are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Withernsea you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Withernsea may ascertain 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 premises.
As co-executor for the will of my father I am disposing of a property in Swansea but reside in Withernsea. My lawyer (based 200 kilometers awayhas requested that I execute a statutory declaration before completion. Could you suggest a conveyancing solicitor in Withernsea to witness this legal document for me?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Withernsea based
I am intending to rent out my leasehold apartment in Withernsea. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Your lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Withernsea do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am the registered owner of a 1 bedroom flat in Withernsea, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Withernsea with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2086
With only 61 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 plus 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 extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.