My wife and I intend to remortgage our penthouse in Empingham with Lloyds. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his entitlement 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
It is 10 years ago since I purchased my home in Empingham. Conveyancing solicitors have recently been retained on the sale but I can't track down the deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a possibility that the deeds will be with the lender or they could be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Empingham involves registered property but in the unlikely event that your home is unregistered it is more tricky but is resolvable.
I have been told that property searches are a common cause of stalling in Empingham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Empingham.
I'm buying my first flat in Empingham benefiting from help to buy. The developers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my lawyer about this deal as it would adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Last March I purchased a leasehold property in Empingham. Do I have any liability for service charges for periods before my ownership?
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. It is an essential part 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 purchased a 2 bed flat in Empingham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Empingham with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2076
With 52 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What advice do you have for searching for commercial conveyancing in Empingham?
First ask the people you trust they would would instruct. Second, look on the web for conveyancing in Empingham. Phone a couple or more firms from the list and request that they email you their conveyancing estimate and discuss your needs with the solicitor who will handle your conveyancing before you make your choice. Option 3 is to make use of this site to assist you in finding the right solicitors for you based on your unique requirements including location,speed, complexity and who your intended mortgage company is.Avoid the trap of appointing £99 conveyancing solicitors in Empingham