My wife and I intend to remortgage our apartment in Corby with Nottingham. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Are the Corby conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Corby conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
The deeds to our house can not be found. The conveyancers who dealt with the conveyancing in Corby 4 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to hold title official documentation to evidence that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
I opted to have a survey completed on a property in Corby before instructing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some banks tend not issue a loan on such a property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Corby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Corby to see if the conveyancing costs will increase in light of this.
I'm refinancing my existing house to a buy to let loan with Leeds Building Society and I will use the ballance of the raised equity towards further house. The neighborhood we are talking about is Corby. Will your conveyancers be able to act for both sets of mortgage companies and link together the conveyances?
Make use of our comparison tool on this site to be sure that the lawyers are on the relevant lender panels. Having checked that they are your lawyer should be able to tie up the two conveyancing matters but you should talk with you solicitor and communicate your desired outcome and requirements.
I have just started marketing my ground floor flat in Corby. Conveyancing is yet to be initiated, but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal as all rents and service invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a 2 bed flat in Corby, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Corby with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2080
You have 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.