My partner and I are refinancing our penthouse in Badminton with UBS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 apartment is repossessed. I have a couple of questions (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement 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 UBS. This is solely used to protect UBS 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 UBS 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.
I have been told that property searches are a common cause of delay in Badminton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Badminton.
I am purchasing a new build house in Badminton with a loan from Santander. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my solicitor about the deal as it could jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey done on a house in Badminton in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend refuse to give a loan on such a house.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Badminton. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to go with a Badminton conveyancing solicitor in close proximity to the house I am purchasing? We have a good friend who can deal with the legal formalities but his firm is located over three hundred kilometers drive away.
The primary upside of using a high street Badminton conveyancing practice is that you can visit the firm to execute documents, deliver your ID and pester them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were content that must outweigh using an unfamiliar Badminton conveyancing lawyer solely due to them being round the corner.
I am in need of some leasehold conveyancing in Badminton. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Badminton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a 2 bed flat in Badminton, conveyancing having been completed May 1998. How much will my lease extension cost? Comparable properties in Badminton with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2078
With just 53 years left to run we estimate the price of your lease extension to be between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.