My partner and I changing mortgage lender for our apartment in Blaenavon with Aldermore. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults 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 property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Aldermore conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Aldermore 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Blaenavon. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/3/2024, the requirements read as follows :
Are there restrictive covenants that are commonly picked up during conveyancing in Blaenavon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Blaenavon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Blaenavon differ for new build properties?
Most buyers of new build property in Blaenavon contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Blaenavon usually acquire 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 property lawyers 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 used to new build conveyancing in Blaenavon or who has acted in the same development.
Can you offer any advice when it comes to appointing a Blaenavon conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Blaenavon conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Blaenavon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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How many lease extensions have they completed in Blaenavon in the last 12 months?
I purchased a ground floor flat in Blaenavon, conveyancing having been completed in 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Blaenavon with a long lease are worth £180,000. The ground rent is £65 yearly. The lease finishes on 21st October 2082
You have 58 years unexpired the likely cost is going to range between £22,800 and £26,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Why is New Build conveyancing in Blaenavon more costly?
Conveyancing in Blaenavon for recently converted or new build properties usually involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.