My fiance and I intend to remortgage our apartment in Cwmbran with Yorkshire BS. 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 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 flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Yorkshire BS conveyancing panel as he did not need to sign this form when we bought 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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 there restrictive covenants that are commonly picked up as part of conveyancing in Cwmbran?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cwmbran. 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 Cwmbran differ for newly converted properties?
Most buyers of new build residence in Cwmbran contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Cwmbran tend to acquire the land, 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 accustomed to new build conveyancing in Cwmbran or who has acted in the same development.
What does commercial conveyancing in Cwmbran cover?
Cwmbran conveyancing for business premises incorporates a broad array of services, supplied by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
We're novice buyers - had an offer accepted, yet the agent told us that the seller will only move forward if we appoint their preferred conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer who is accustomed to conveyancing in Cwmbran
It is improbable the sellers are behind this. Should the owner desire ‘a quick sale', alienating a motivated buyer is is going to put the whole deal at risk. Contact the owners directly and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to instruct your preferred Cwmbran conveyancing firm - rather thanthose that will give the negotiator at the agency a introducer fee or hit his conveyancing figures pre-set by senior management.
Do you have any advice for leasehold conveyancing in Cwmbran with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cwmbran can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Some Cwmbran leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. Many freeholders or Management Companies in Cwmbran charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Cwmbran.
Leasehold Conveyancing in Cwmbran - Examples of Questions you should ask before buying
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Is the freehold owned jointly by the tenants? The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is bigger than a house conversion, the managing agent is directed by the tenants. The answer will be helpful as a) areas may result in problems in the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to have complete disclosure