Recently been in touch with my conveyancing lawyer in Alford who conducted the legals 18 months ago and wanted a conveyancing costs illustration based on an identical type of house move (a leasehold property and a freehold property) of similar values with a home loan from Britannia. I am now being charged double. Should I look for an alternative property lawyer?
The costs illustration is slightly on the steep side. If you are happy to spend time contrasting prices you could reduce the fees slightly by say a hundred pounds. That being said, assuming were content with the legal work the firm provided you couldcome to rue opting for an an unknown conveyancer. If is important to ensure that the solicitor can represent Britannia. Do utilise our search tool to choose a Alford conveyancing firm on the Britannia approved list of lawyers, which can often include conveyancing solicitors in Alford.
My wife and I are refinancing our maisonette in Alford with Co-operative. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults 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 repossessed. I have two questions (1) Is this form unique to the Co-operative conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Co-operative 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
About to place a bid on a leasehold apartment in Alford. The property agents assure me that it is normal for flats in Alford to have less than 75 years unexpired on the lease. I am taking out a loan with Virgin. Is this going to be acceptable if the lease has 69 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 31/7/2022 the requirements read as follows :
My partner and I are close to exchanging contracts on the sale of our home in Alford and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the buyers used a national conveyancing practice rather than a conveyancing solicitor in Alford. We have lived in Alford for 4 years we know that this is a non issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Alford is where the house is located. Is there any guidance you can impart?
Flying freeholds in Alford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alford you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alford may ascertain 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 property.
When it comes to leasehold conveyancing in Alford what are the most common lease problems?
Leasehold conveyancing in Alford is not unique. All leases are drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
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Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Alford - Sample of Queries before Purchasing
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The answer will be important as a) areas may result in problems in the block as the common areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details It is important to be aware whether redecorating or some other major work is due in the foreseeable future that will be shared by the tenants and will dramatically increase the the service charges or necessitate a one time payment. How many of the leaseholders are in arrears for their service charge payments?