My fiance and I swapping mortgage lender for our penthouse in Bangor with UBS. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your UBS 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 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.
Do all mortgage companies provide you with an approved list of Bangor conveyancing solicitors? How do you know who is on the Nottingham conveyancing panel?
Bangor conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
I am considering applying for a Skipton mortgage for purchase of a newly converted (under development) in Bangor with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
We are buying a 3 bedroom semi in Bangor. The intention is to carry out an extension to the side at the house.Will legal due diligence on the property involve enquiries to determine if these works were previously refused?
Your property lawyer should review the deeds as conveyancing in Bangor will sometimes identify restrictions in the title deeds which prohibit certain changes or need the consent of another owner. Some extensions require local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I'm the only beneficiary of my late mum's will and I have everything in my name now, including the my former home in Bangor. The Bangor property was put into my name in October. I want to move. I understand that there is a CML 6 month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some lenders would take a sensible view as this requirement is chiefly there to identify the purchase and immediately sell or the flipping of property.
My wife and I have organised a further advance on our home loan from Virgin Money as we want to carry out alterations to our property in Bangor. Are we obliged to appoint a local Bangor solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
How does conveyancing in Bangor differ for newly converted properties?
Most buyers of new build or newly converted property in Bangor approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Bangor tend to purchase the real estate, 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 Bangor or who has acted in the same development.
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Bangor. I need to extend my lease but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have used your best endeavours to locate the freeholder. For most situations a specialist would be helpful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Bangor.
I inherited a studio flat in Bangor, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Bangor with a long lease are worth £180,000. The ground rent is £65 per annum. The lease runs out on 21st October 2080
With 59 years unexpired we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.