My wife and I are refinancing our penthouse in Goffs Oak with Lloyds. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we purchased 5 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 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.
I'm the sole beneficiary of my late mum's will with all property in now in my sole name, including the house in Goffs Oak. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I do know about the CML six month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in July. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view lenders take of it, depend on the lender as this clause is chiefly there to pick up on subsales or the quick reselling of property.
I have instructed a Goffs Oak lawyer having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Goffs Oak postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Goffs Oak.
I have finally had an offer on a flat in Goffs Oak accepted, the sellers do however have a connected purchase. The sellers have offered on somewhere, but it’s not yet tied up, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Goffs Oak. What do I do now? At what stage should I apply for the mortgage with Nottingham?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then survey, Goffs Oak conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the Nottingham conveyancing panel. As to the next phase this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a rising market the majority of buyers would apply for the mortgage with Nottingham and arrange for the valuation and only if it comes back ok would they pay their conveyancer to press on with searches.
I'm purchasing my first flat in Goffs Oak with a loan from Virgin Money. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not inform my lawyer about the side-deal as it may affect my loan with Virgin Money. Should I keep quiet?.
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.
My partner has encouraged me to appoint his conveyancers in Goffs Oak. Should I choose my own solicitor?
Much as we are happy to recommend a Goffs Oak conveyancing lawyer it’s preferable to select a conveyancing lawyer is to get guidance from friends or relatives who have previously instructed the firm that you are considering.
I have recently realised that I have Seventy years remaining on my lease in Goffs Oak. I now wish to extend my lease but my landlord is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist should be useful to carry out a search and to produce a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Goffs Oak.
I invested in buying a 1st floor flat in Goffs Oak, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Goffs Oak with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2089
With only 64 years remaining on your lease we estimate the premium for your lease extension to be between £15,200 and £17,600 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I am searching for Goffs Oak conveyancing quotes online. Can I be sure that all the Goffs Oak firms that are listed on your directory are on the bank conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Goffs Oak firm being on the bank conveyancing panel is not accurate.