My partner and I intend to remortgage our penthouse in Eastbourne with TSB. We have a son approaching twenty 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, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his rights 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 TSB. This is solely used to protect TSB 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 TSB 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.
When it comes to mortgage companies such as Bank of Ireland, do Eastbourne conveyancing practitioners incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
The mortgage over my property is with Nationwide for my property in Eastbourne. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
You must advise Nationwide in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
Bank of Ireland have agreed my home loan in principle, my offer on a flat in Eastbourne has been accepted, what are the next steps?
Your estate agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Call up Bank of Ireland or your financial adviser and complete any relevant forms. Bank of Ireland will instruct a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Bank of Ireland will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Eastbourne.
I am looking for a ground for flat up to £195,000 and found one near me in Eastbourne I like with a park and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Eastbourne for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
What makes your site different to other internet conveyancing brokers for conveyancing in Eastbourne?
At this site get an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Eastbourne. As opposed to estate agents and many comparison sites we do not have referral deals with solicitors. A large number of agents and online brokers 'recommend' solicitors paying the highest kickback, not the best value conveyancing in Eastbourne
I need to instruct a conveyancing solicitor in Eastbourne for my house move. Can I check a solicitor's complaints history with the profession’s regulator?
Anyone can review documented Solicitor Regulator Association (SRA) determinations stemming from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA could monitor call for training purposes.
Last January I purchased a leasehold property in Eastbourne. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 1st floor flat in Eastbourne, conveyancing having been completed 3 years ago. How much will my lease extension cost? Equivalent properties in Eastbourne with over 90 years remaining are worth £260,000. The ground rent is £45 levied per year. The lease ends on 21st October 2099
With only 74 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
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 without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.