Much to our surprise we have been told by our mortgage adviser that my Holsworthy solicitor is not on the bank Conveyancing panel. How can I be sure whether this is correct?
You need to contact your Holsworthy conveyancer. You lawyer should inform you of the situation. If they are not on the panel they may recommend you to a Holsworthy conveyancing firm that is on the approved list of lawyers for your bank.
My husband and I are refinancing our flat in Holsworthy with Coventry BS. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 4 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 Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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 have been told that property searches are a common cause of obstruction in Holsworthy house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Holsworthy.
In what way does the Landlord & Tenant Act 1954 affect my commercial offices in Holsworthy and how can you help?
The 1954 Act gives a safeguard to business lessees, giving them the legal entitlement to apply to court for a new tenancy and continue in occupation at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Holsworthy
I am a negotiator for a long established estate agency in Holsworthy where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Holsworthy conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a garden flat in Holsworthy, conveyancing formalities finalised in 1996. Can you work out an approximate cost of a lease extension? Similar properties in Holsworthy with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2090
You have 69 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive 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 considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Is it the case that all Holsworthy conveyancers on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local lender branch in Holsworthy. the probability is that they will know some good conveyancing solicitors in Holsworthy