My partner and I swapping mortgage lender for our penthouse in East Hunsbury with TSB. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 repossessed. I have a couple of questions (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
Why is leasehold purchase conveyancing in East Hunsbury costs more?
East Hunsbury leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am purchasing a flat and need a conveyancing solicitor in East Hunsbury who is on the Coventry Building Society approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as East Hunsbury. We dont recommend any particular firm.
How does conveyancing in East Hunsbury differ for newly converted properties?
Most buyers of new build premises in East Hunsbury contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in East Hunsbury usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in East Hunsbury or who has acted in the same development.
I'm converting the mortgage on my current house to a BTL mortgage with Skipton Building Society and intend to use the remaining equity towards further house. The neighborhood we are interested in is East Hunsbury. Will your lawyers be able to act for the two lenders and link together the conveyances?
Do use our search tool on this page to ensure that the lawyers are on the appropriate lender panels. On the basis that they are the lawyer should be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and communicate your expectations and requirements.
What are the frequently found defects that you see in leases for East Hunsbury properties?
Leasehold conveyancing in East Hunsbury is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the premises
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a ground floor flat in East Hunsbury, conveyancing formalities finalised in 1998. Can you work out an approximate cost of a lease extension? Equivalent flats in East Hunsbury with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2083
You have 59 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.