My husband and I are refinancing our flat in Bordon with Principality. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 two concerns (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we remortgaged 3 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 Principality. This is solely used to protect Principality 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 Principality 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.
My lawyer in Bordon has never been on on the Nottingham Building Society Approved Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Nottingham Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Bordon solicitors but Nottingham Building Society will need to retain a conveyancer on their panel. This will result in additional total legal charges and cause delays.
- Get an alternative solicitor to to deal with the purchase, obviously checking they are Nottingham Building Society approved.
- Persuade your Nottingham Building Society based solicitor to try to join the Nottingham Building Society panel
We are purchasing a house and the solicitor has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly necessary for conveyancing in Bordon
Unless a prior acquisition of the premises took place after 12 October 2013 you can take it that conveyancing practitioners conducting conveyancing in Bordon to continue to recommend a chancel search and or insurance against a claim.
It has been 4 months since my purchase conveyancing in Bordon took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build flat in Bordon. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Bordon
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.
Last January I purchased a leasehold flat in Bordon. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
Bordon Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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What is the yearly service fee and ground rent? Generally speaking the cost for major works tend not to be included within service charges, although a few managing agents in Bordon require leaseholders to pay into a sinking fund created for the specific purpose of building a fund for larger works.