My wife and I intend to remortgage our maisonette in Long Stratton with Yorkshire BS. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 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 apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 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 Yorkshire 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 Yorkshire BS. This is solely used to protect Yorkshire 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 Yorkshire 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 just acquired a flat at auction in Long Stratton. Conveyancing is required. What happens now?
Having exchanged you will need to retain a conveyancing lawyer soon as you will have a tight deadline in which to complete the deal. An auction property should have a corresponding auction pack. This will include most,if not all of the documents that your lawyer requires. Where you are dealing with leasehold premises the conveyancing pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must give this to the lawyer instructed by you ASAP. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.
When it comes to lenders such as RBS, do Long Stratton conveyancers have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I had a mortgage agreed in principle with Leeds Building Society. Long Stratton conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society completed the valuation? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It has been 4 months following my purchase conveyancing in Long Stratton completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Long Stratton I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Long Stratton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My company is wishing to take an assignment of a lease of a shop on the high street. Can you recommend lawyers offering no-move-no fees for commercial conveyancing in Long Stratton for under £1,200?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Long Stratton, including the disposal and acquisition of businesses as well as simply property. Whether you are looking to buy or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right solicitor. As for the charges these will vary based on the structure and complexity of the deal. Please provide us with your details or email us so that we can supply you with comprehensive commercial conveyancing calculation.
I am not able to be present at my Long Stratton conveyancing practitioners office to execute documents connected to my conveyancing in Long Stratton – will this be an issue?
No. Long Stratton conveyancing solicitors can handle conveyancing transactions for clients from a distance. You are unlikely to be required to be present a Long Stratton conveyancers office. They can deal with all communications via phone, post and email - whatever works for you.