My fiance and I are planning to purchase a house in Geddington and have appointed a Geddington conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this evening contacted us to advise us that they have now hit a problem as our Geddington lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Geddington solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I intend to remortgage our flat in Geddington with Nottingham. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Just bought a terraced house in Geddington , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Geddington conveyancing solicitor works at snail pace, so I want to be certain that my name is registered.
As far as conveyancing in Geddington registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ subject to the party submitting the application, whether it is in order and if the Land registry communicate with any third persons or bodies. At present in the region of 80% of such applications are completed in less than three weeks but some can be subject to longer delays. Registration occurs after the new owner has moved in to the property therefore 'speed' is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Geddington. I've stumble upon a web site which appears to be the perfect offering If there is a chance to get all this stuff done via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two flats in Geddington which have approximately 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Geddington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Geddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a leasehold flat in Geddington, conveyancing having been completed September 1998. How much will my lease extension cost? Equivalent flats in Geddington with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2084
You have 60 years remaining on your lease we estimate the price of your lease extension to span between £20,000 and £23,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Our conveyancing in Geddington is set to complete this Friday, but the vendors I am purchasing from has asked to move out the next day at afternoon. Can I agree to such a idea?
It is not possible to complete on a Saturday due to the bank systems aren't working.