My husband and I swapping mortgage lender for our maisonette in Woolavington with RBS. We have a son 19 who lives with us. 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 property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up 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 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 purchasing a semi-detached house in Woolavington. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Woolavington you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Woolavington.
Do I need to pay for insurance to cover chancel repairs when acquiring a residence in Woolavington?
Unless a prior purchase of the premises took place post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Woolavington to continue to advocate a chancel search and or insurance against a claim.
I'm buying my first flat in Woolavington benefiting from help to buy. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not inform my conveyancer about this deal as it would affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Woolavington I like with a park and railway links nearby, however it's only got 61 remaining years left on the lease. There is not much else in Woolavington for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Completion is due on the disposal of our £375,000 garden flat in Woolavington next week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Woolavington?
Woolavington conveyancing on leasehold apartments often involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions most will be content to assist. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to sell the property.
I invested in buying a 1st floor flat in Woolavington, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Woolavington with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2093
With just 68 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.