My husband and I changing mortgage lender for our penthouse in Braintree with Co-operative. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Co-operative conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
Why do I have to pay up front for my conveyancing in Braintree?
If you are buying a property in Braintree your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the purchase price then this should be asked for shortly in advance of exchange of contracts. The final balance that is needed should be transferred shortly before completion.
What is the optimum way to investigate if the solicitor conducting my conveyancing in Braintree is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Coventry Building Society thus paying £175.00 in another set of legal bill.
Please do make the most of the find a lender approved solicitor tool on this site. Pick the mortgage company and type ‘Braintree’ or your preferred area and you will see numerous conveyancers offices in Braintree or near you.
I have been on the look out for a flat up to £305k and identified one near me in Braintree I like with a park and transport links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Braintree in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am using a search engine for the words on line conveyancing in Braintree it brings up many solicitorsin the area. How do I determine which is the suitable conveyancing solicitor for my move?
The best method of choosing the right conveyancer is through a personal testimonial, so ask colleagues and family who have purchased a property in Braintree or the local estate agent or financial adviser. Costs for conveyancing in Braintree differ, so it's advisable to secure at least four estimates from varying types of companies. Make sure that you clarify what costs in the quote includes.
My wife and I purchased a leasehold flat in Braintree. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Braintree who acted for me is not around. What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Braintree conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a leasehold flat in Braintree, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Braintree with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2083
With 58 years unexpired the likely cost is going to be between £22,800 and £26,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.