My partner and I are refinancing our maisonette in Milnthorpe with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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 apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he did not need to sign this form when we remortgaged 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 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 moved into my house on 7 October and my personal details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Milnthorpe expressed confidence that it will be dealt with in a couple of weeks. Are properties in Milnthorpe particularly slow to register?
As far as conveyancing in Milnthorpe registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry need to notify any third persons or bodies. At present in the region of three quarters of submission are fully dealt with within two weeks but some can be subject to longer delays. Historically registration occurs after the purchaser is living at the property thus registration formalities is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
How does conveyancing in Milnthorpe differ for new build properties?
Most buyers of new build or newly converted property in Milnthorpe come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Milnthorpe tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Milnthorpe or who has acted in the same development.
I opted to have a survey done on a property in Milnthorpe before instructing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some lenders will not issue a loan on this type of house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Milnthorpe. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I purchased a leasehold flat in Milnthorpe. Conveyancing and Virgin Money mortgage organised. A letter has just been received 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 1992. The conveyancing practitioner in Milnthorpe who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Milnthorpe conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Milnthorpe Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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Many Milnthorpe leasehold flats will have a service bill for maintenance of the building levied on behalf of the freeholder. If you purchase the property you will have to meet this liability, normally in instalments throughout the year. This may vary from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met annual, this is usually not a large sum, say around £25-£75 but you should to check as occasionally it can be prohibitively expensive. Its a good idea to discover as much as you can regarding the company managing the building as they can either make your living at the property much easier or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of them. On a final note, be sure you understand the dates that the maintenance fees are due to the appropriate party and precisely what it includes.
I have just started marketing my basement flat in Milnthorpe.Conveyancing has not commenced however I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as usual given that all rents and service charges will be apportionedon completion, 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 managing agents will not acknowledge the buyer unless 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