My wife and I are refinancing our maisonette in East Leake with Skipton. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 a couple of questions (1) Is this form unique to the Skipton conveyancing panel as he never had to sign this form when we remortgaged 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 Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Do all mortgage companies provide you with an approved list of East Leake conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
East Leake conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
We expect to receive a DIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any East Leake solicitors on the Clydesdale conveyancing panel, or is it better to go independently?
You will need to appoint East Leake solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
It is unclear whether my lender requires a lease extension. I have telephoned my East Leake building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My East Leake conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. I simply don't know who is right.
Provided that the conveyancing practitioner is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Clydesdale have agreed my home loan in principle, my offer on a flat in East Leake has been agreed to, now what?
Your estate agent will wish to know who your solicitors are (make sure the solicitors are on the lender’s panel). Contact Clydesdale or the broker and finish off any appropriate forms. Clydesdale will appoint a valuer who will get in touch with the estate agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Clydesdale will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in East Leake.
It has been four months since my purchase conveyancing in East Leake took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend solicitors offering competitive costs for commercial conveyancing in East Leake for below £1,200?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in East Leake, including the disposal and purchase of businesses as well as simply premises. Whether you are looking to purchase or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. Regarding the fees these will vary based on the structure and heads of terms of the deal. Let us have your details or telephone so as to enable us to supply you with a fixed commercial conveyancing calculation.
What are the common defects that you see in leases for East Leake properties?
Leasehold conveyancing in East Leake is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
Insurance obligations A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
East Leake Leasehold Conveyancing - A selection of Questions you should consider before buying
Is there a share of the freehold? The answer will be useful as a) areas could result in problems for the building as the common areas may begin to deteriorate where repairs remain unpaid b) if the tenants have an issue with the running of the building you will want to have all the details You will want to discover as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the common parts. Ask prospective neighbours what they think of their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds.