My partner and I are refinancing our maisonette in Blagdon with Lloyds. We have a son 18 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. 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 document specific to the Lloyds conveyancing panel as he never had to sign this form when we purchased 3 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Blagdon with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I'm the single recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Blagdon. Conveyancing formalities meant that the Land Registry date was in May. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be treated the same way as though I had purchased the property in May. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors 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 practical a view mortgage companies take of it, depend on the bank as this clause is primarily there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I had a mortgage agreed in principle with Principality. Blagdon conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Principality?
There is no definitive answer here. Have Principality done the survey? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a AIP from Coventry BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Blagdon solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Blagdon solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
What can a local search inform me about the property I am purchasing in Blagdon?
Blagdon conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search plays a central part in most Blagdon conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Blagdon is where the house is located. What do you suggest?
Flying freeholds in Blagdon are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Blagdon you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blagdon may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What are your top tips when it comes to appointing a Blagdon conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Blagdon conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Blagdon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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What are the charges for lease extension work? What volume of lease extensions have they conducted in Blagdon in the last year?
I inherited a split level flat in Blagdon, conveyancing formalities finalised November 2010. Can you work out an approximate cost of a lease extension? Similar properties in Blagdon with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2101
With only 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.