My husband and I intend to remortgage our flat in Heaton and Jesmond with TSB. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we bought 3 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 TSB 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 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.
We're in Heaton and Jesmond, First timers buying with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I currently have a mortgage with Kent Reliance for my property in Heaton and Jesmond. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention in advance of renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel solicitor.
I recently had an offer agreed on an apartment in Heaton and Jesmond. My financial adviser suggested a conveyancer. I paid an on account payment of £150. A couple of days later, the conveyancer called me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After what seems like an age I have had an offer on an apartment in Heaton and Jesmond agreed to, but there is a chain. The sellers have offered on on an apartment, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Heaton and Jesmond. What do I do now? At what point do I apply for the mortgage with Kent Reliance?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Heaton and Jesmond conveyancing search charges, etc). The first thing to do is check that your solicitor is on the Kent Reliance conveyancing panel. As to the next stages this very much depends on the specifics of your transaction, desire for this property and on the state of the market. During a hot market many buyers would apply for the mortgage with Kent Reliance and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with the conveyancing in Heaton and Jesmond.
Should our lawyer be raising enquiries concerning flooding as part of the conveyancing in Heaton and Jesmond.
Flooding is a growing risk for conveyancers specialising in conveyancing in Heaton and Jesmond. There are those who purchase a property in Heaton and Jesmond, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the buyer or by their conveyancers which can figure out the risks in Heaton and Jesmond. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a legal claim for losses stemming from an misleading answer. A buyer’s solicitors may also carry out an enviro search. This will higlight whether there is any known flood risk. If so, further inquiries will need to be conducted.
My company is looking to lease a unit on the high street. Can you recommend solicitors offering no-move-no charges for commercial conveyancing in Heaton and Jesmond for below £1,200?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Heaton and Jesmond, including the disposal and purchase of businesses as well as simply premises. If you are hoping to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we can find you the right lawyer. As for the fees this will depend on the structure and complexity of the proposed transaction. Let us have your contact information or email us so that we can supply you with a fixed commercial conveyancing quote.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175,000 apartment in Heaton and Jesmond in just under a week. The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Heaton and Jesmond?
Heaton and Jesmond conveyancing on leasehold maisonettes often requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are entitled to charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I inherited a split level flat in Heaton and Jesmond, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Comparable properties in Heaton and Jesmond with over 90 years remaining are worth £191,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2079
With 54 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.