My fiance and I swapping mortgage lender for our apartment in Wrington with UBS. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the UBS conveyancing panel as he never had to sign this form when we bought 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 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.
Do I have to visit the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Wrington so that I can attend their offices if required.
Whereas this was necessary 15 years ago, almost all lenders no longer require their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still manifest advantages to instructing a locally based solicitor, in your case a conveyancing solicitor in Wrington.
I require expedited conveyancing in Wrington as I have pressure to sign on the dotted line inside 2 weeks. Thankfully I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are not taking a mortgage you are at liberty not to have searches conducted although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Wrington the following are examples of issues that can show up and therefore affect future saleability: Enforcement Notices, Overdue Fees, Overdue Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up during conveyancing in Wrington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Wrington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Wrington is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wrington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wrington you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wrington may decide 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 residence.
I have just appointed agents to market my garden flat in Wrington. Conveyancing has not commenced, however I have just received a quarterly maintenance charge demand – Do I pay up?
The sensible thing to do is pay the maintenance contribution as you normally would as all ground rent and maintenance payments should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a studio flat in Wrington, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Wrington with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2080
With just 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as 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 a more accurate figure in the absence of comprehensive due diligence. 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 considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.