My fiance and I are refinancing our maisonette in Eaglescliffe with Nationwide. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Can you clarify what the consequences are if my solicitor is suspended from the Co-operative Solicitor panel ahead of completing my conveyancing in Eaglescliffe?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
What is the difference between a licensed conveyancer and conveyancing solicitor in Eaglescliffe
There are many registered licenced Conveyancers in Eaglescliffe and Solicitor firms in Eaglescliffe who provide Conveyancing services We would stress that both are regulated professionals specialising in the legal aspects of transferring property. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Please help - my lawyer says that breach of easement insurance is required on my purchase. What is the level of cover for Eaglescliffe conveyancing?
The right level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
We were going to get a AIP from Nationwide this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nationwide recommend any Eaglescliffe solicitors on the Nationwide conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Eaglescliffe solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I'm purchasing a new build house in Eaglescliffe benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about the deal as it could adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Should I go with a Eaglescliffe conveyancing practitioner who is local to the property I am buying? We have a good friend who can deal with the legal work but her office is 400miles drive away.
The primary upside of using a local Eaglescliffe conveyancing practice is that you can drop in to sign paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that should outweigh using an unfamiliar Eaglescliffe conveyancing lawyer solely due to them being local.
I’m about to sell my basement flat in Eaglescliffe. Conveyancing has not commenced, but I have recently had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as normal as all ground rent and service invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents 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 purchased a 1st floor flat in Eaglescliffe, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Eaglescliffe with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2088
With 66 years left to run the likely cost is going to be between £11,400 and £13,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.