My fiance and I intend to remortgage our penthouse in Ashton In Makerfield with Virgin Money. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
How does conveyancing in Ashton In Makerfield differ for new build properties?
Most buyers of new build residence in Ashton In Makerfield approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Ashton In Makerfield tend to purchase 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 conveyancers 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 Ashton In Makerfield or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Ashton In Makerfield I like with amenity areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Ashton In Makerfield for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I'm remortgaging my current house to a BTL loan with Birmingham Midshires and intend to use the remaining equity as a deposit on a second property. The neighborhood we are interested in is Ashton In Makerfield. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?
Make use of our comparison tool on this page to check that the conveyancers are on the appropriate lender panels. Having checked that they are your solicitor will be able to simultaneously deal with the two deals but you should talk with you conveyancer and communicate your expectations and requirements.
We expect to complete the disposal of our £450,000 maisonette in Ashton In Makerfield in just under a week. The landlords agents has quoted £324 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Ashton In Makerfield?
Ashton In Makerfield conveyancing on leasehold flats usually results in administration charges levied by landlords agents :
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Answering pre-contract enquiries
Where consent is required before sale in Ashton In Makerfield
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Ashton In Makerfield - Examples of Questions you should ask Prior to buying
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What is the the remaining lease term? How much is the ground rent and service charge? What restrictions are there in the Ashton In Makerfield Lease?
We are in the middle of purchasing a house in Ashton In Makerfield. Conveyancing lawyer has phoned to say the property is "Leasehold". Will this likely make a difference on the salability of the house?
Ashton In Makerfield conveyancing does not usually involve leasehold houses. The main factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the value too much.
On the flip side, if it's, say, 50 years it will have a adverse effect on the value, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be specified in the lease to be supplied to your solicitor.