My fiance and I changing mortgage lender for our apartment in Bucklesham with Santander. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Santander conveyancing panel as he never had to sign this form when we remortgaged 3 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 Santander. This is solely used to protect Santander 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 Santander 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 have justbecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Bucklesham for a purchase of a leasehold apartment 9 months ago. How can I check that my home is not still registered in the name of the previous owner?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bucklesham conveyancing specialists.
I'm purchasing a new build house in Bucklesham with a mortgage from Norwich and Peterborough Building Society. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not inform my conveyancer about the deal as it may 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.
My father-in-law has suggested that I appoint his lawyers for conveyancing in Bucklesham. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing practitioner is to have referrals from friends or family who have actually experience in using the conveyancer you're considering.
I work for a long established estate agent office in Bucklesham where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bucklesham conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
I bought a garden flat in Bucklesham, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Bucklesham with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2098
You have 74 years left to run the likely cost is going to be 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 cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
There are plenty of houses in Bucklesham on private lanes. I am acquiring such a property. What would be the advantages and disadvantages of purchasing a house on a privately owned road?
Bucklesham conveyancing practices are well versed in dealing propertieson unadopted roads. Your conveyancer should review the Land Registry data to identify any rights or liabilities. In many cases there is a management company (wholly owned by residents) that residents make annual contributions for the upkeep of the road. If there is one, the road should be maintained and look nicer than publicly owned.