My fiance and I changing mortgage lender for our apartment in Machen with Yorkshire BS. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Yorkshire BS conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his entitlement 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 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.
We note that you have a search directory identifying firms on the Nottingham conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Machen?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Machen.
I have been told that property searches are a common cause of delay in Machen house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Machen.
Due to the guidance of my in-laws I had a survey completed on a house in Machen prior to retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders may refuse to grant a loan on this type of house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Machen. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Machen to see if the conveyancing costs will increase in light of this.
I'm converting the mortgage on my current home to a BTL loan with HSBC Bank and I will use the ballance of the raised equity as a deposit on a second house. The location we are talking about is Machen. Will your lawyers be able to act for both sets of lenders and tie in the two deals?
Make use of our search tool on this page to check that the solicitors are approved by both banks. Having checked that they are the solicitor should be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and communicate your expectations and requirements.
My wife and I purchased a leasehold house in Machen. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Machen who previously acted has long since retired. Any advice?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Machen conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a 1 bedroom flat in Machen, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Machen with an extended lease are worth £202,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2077
You have 56 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.