My fiance and I changing mortgage lender for our penthouse in Marlborough with Yorkshire BS. We have a son 18 who lives with us. 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, waiving any legal rights in the event that the flat is repossessed. I have two questions (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?
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.
Our mortgage company has suggested a law firm on their panel based in Marlborough but I would rather use a conveyancing lawyer in Marlborough or nearer to where I live. Can you help?
Not all Marlborough conveyancing practitioners are approved and listed on all lender’s conveyancing panel. Do make use of the above search tool to identify a Marlborough conveyancing firm on the on the lender panel.
I have been told by my lawyer that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Marlborough?
The right level of lack of planning permission indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Last month we had a mortgage agreed in principle with Nottingham. Marlborough conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham conducted the survey? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Our offer on a semi in Marlborough has been agreed to, the owners do however have a tied purchase. The owners have offered on on an apartment, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Marlborough. What should be my next step? When do I get the mortgage application with Skipton started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then valuation, Marlborough conveyancing search costs, etc). The first course of action is to check that your conveyancing practitioner is on the Skipton conveyancing panel. Regarding the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a rising market many home buyers would apply for a home loan with Skipton and pay for the valuation and only if it was satisfactory would they ask their property lawyer to proceed with the conveyancing in Marlborough.
I am looking for a leasehold apartment up to £305k and identified one near me in Marlborough I like with open areas and station nearby, however it only has 51 years on the lease. I can't really find anything else in Marlborough suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Is it simple use your search tool to get a costs illustration from a conveyancing lawyer in Marlborough on the authorised to act for my mortgage?
1st choose a lender such as Barclays , The Mortgage Works or TSB then specify your preferred area for instance Marlborough. Conveyancing firms in Marlborough and further afield should be identified.
Estate agents have just been given the go-ahead to market my ground floor apartment in Marlborough. Conveyancing solicitors are to be appointed soon, however I have just had a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as you normally would given that all ground rent and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Marlborough Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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If a Marlborough lease has fewer than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth finding out how much this would cost. For most Marlboroughlease extensions you will need to own the property for 24 months in order to be eligible to carry out a lease extension. Does the lease have more than 82 years left? Is anyone aware of any major works in the near future that will add a premium to the maintenance fees?