My partner and I swapping mortgage lender for our flat in Barmouth with RBS. We have a son 19 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 flat is repossessed. I have two questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise 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 RBS. This is solely used to protect RBS 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 RBS 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 just acquired a flat at auction in Barmouth. Conveyancing is needed. What are my next steps?
Now that you have exchanged you must appoint a conveyancing lawyer soon as you now have a pending a fixed date to complete the purchase. All auction property will ordinarily have a bespoke auction pack. This should include evidence of title and search results. In the case of leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to hand this to the solicitor instructed by you ASAP. You also need to ensure that that you have the requisite funding in place to complete on the date specified in the contract.
I happen to be the sole recipient of my late father’s will and I have everything in my name alone, including the my former home in Barmouth. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the house. I do know about the CML six month 'rule', meaning my property ownership will be treated the same way as if I'd bought the house in September. Is the property unsalable for six months?
The CML handbook mandates 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. How sensible a view mortgage companies take of it, depend on the mortgage company as this requirement principally exists to capture subsales or the wholesaling and assigning of property.
I had an offer accepted on a property in Barmouth on 27/8/2021, valuation was booked 4 days later, all came back fine. Solicitor appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Principality and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Principality conveyancing panel. Are Principality entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial property in Barmouth?
Its becoming the norm that commercial conveyancing solicitors in Barmouth will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Barmouth. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Barmouth.
For each commercial conveyancing transaction in Barmouth it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Barmouth commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Barmouth.
I decided to have a survey completed on a house in Barmouth in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Barmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Barmouth to see if the conveyancing costs will increase in light of this.
I am employed by a reputable estate agency in Barmouth where we see a few flat sales put at risk due to short leases. I have been given contradictory information from local Barmouth conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a garden flat in Barmouth, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Barmouth with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2084
With only 63 years unexpired the likely cost is going to range between £16,200 and £18,600 as well as costs.
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 may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
I am in the market for a responsive conveyancing lawyer in Barmouth to buy a flat. I want to avoid being ripped off but with plenty Barmouth conveyancing firms out there...who's the best?
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