My husband and I intend to remortgage our penthouse in Heaton and Jesmond with Lloyds. We have a son approaching twenty who lives with us. Our solicitor requested us to identify 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 flat is repossessed. I have a couple of concerns (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we bought 4 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.
My lawyer in Heaton and Jesmond has never been on on the Godiva Mortgages Ltd Conveyancing Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are not on the Godiva Mortgages Ltd approved list?
Your options are as follows:
- Complete the purchase with your existing Heaton and Jesmond solicitors but Godiva Mortgages Ltd will need to instruct a conveyancer on their panel. This will result in additional overall legal fees as well as result in frustration.
- Choose a new solicitor to act in the purchase, remembering to check they are Godiva Mortgages Ltd approved.
- Try to convince your Godiva Mortgages Ltd solicitor to try to join the Godiva Mortgages Ltd panel
Are there restrictive covenants that are commonly identified as part of conveyancing in Heaton and Jesmond?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Heaton and Jesmond. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm converting the mortgage on my current house to a BTL loan with Chelsea Building Society and I will use the rest of the raised equity towards another house. The neighborhood we are interested in is Heaton and Jesmond. Will your lawyers be able to act for the two banks and tie in the conveyances?
Do use our comparison tool on this page to ensure that the solicitors are on the relevant lender panels. Having checked that they are the lawyer will be able to tie up the two conveyancing matters but you should talk with you lawyer and make apparent your expectations and requirements.
Should I use a Heaton and Jesmond conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can deal with the conveyancing but they are based a couple of hundredkilometers away.
The benefit of a high street Heaton and Jesmond conveyancing firm is that you can pop in to sign documents, present your identification documents and pester them if necessary. They will also have local insight which is a bonus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that must surpass using an unknown Heaton and Jesmond conveyancing solicitor just because they are round the corner.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Heaton and Jesmond. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Heaton and Jesmond ?
Most houses in Heaton and Jesmond are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Heaton and Jesmond in which case you should be looking for a Heaton and Jesmond conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I invested in buying a studio flat in Heaton and Jesmond, conveyancing having been completed September 2004. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Heaton and Jesmond with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2077
With only 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.