My husband and I swapping mortgage lender for our penthouse in Bingley with Skipton. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Skipton conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
We note that you have a post code search directory listing solicitors on the Bank of Ireland conveyancing panel. Do companies pay you a referral fee if I appoint them for our own conveyancing in Bingley?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bingley.
My Conveyancer in Bingley is not on the Chelsea Building Society Approved Panel. Can I still retain my family solicitor even though they are not on the Chelsea Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Bingley lawyers but Chelsea Building Society will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as result in frustration.
- Choose a new lawyer to act in the purchase, remembering to check they are on the Chelsea Building Society panel
I'm buying my first flat in Bingley benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of extras instead. The sale representative advised me not to tell my lawyer about this deal as it could affect my loan with the lender. Do I keep my lawyer in the dark?.
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 am on look out for some leasehold conveyancing in Bingley. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Bingley - 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 inherited a basement flat in Bingley, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Bingley with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2092
With just 68 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
I have just placed an offer on an apartment in Bingley and the estate agent that we are using recommended his property lawyer. She quoted £1000 plus VAT and disbursements. Does this sound steep?
Don't just go on a single estimate. You should seek like-for-like quotes for your conveyancing in Bingley. Then select one that you are comfortable with and just as important, is on the approved panel of the bank that you are sourcing your mortgage from.