It has come to my attention via my IFA that my Newhaven solicitor is not on the lender Solicitor panel. How can I be sure whether this is correct?
Your first step should be to contact your Newhaven lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they may be able to suggest a Newhaven conveyancing firm that is on the approved list of lawyers for your lender.
My wife and I changing mortgage lender for our maisonette in Newhaven with Leeds Building Society. 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 forfeited by the lender. I have two concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we bought 5 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
In scouring consumer advice sites for a recommended lawyer in Newhaven, most post that I must look for a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's biggest mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Newhaven is one of the many areas of the UK where there are CQS lawyers.
A colleague recommended that where I am purchasing in Newhaven I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Newhaven conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Newhaven around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Newhaven Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Newhaven.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Newhaven I like with amenity areas and railway links nearby, however it's only got 61 remaining years left on the lease. There is not much else in Newhaven for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will likely be a potential deal breaker. Reduce the price 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 commence the lease extension formalities and pass 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.
Planning to exchange soon on a leasehold property in Newhaven. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Newhaven should include some of the following:
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Specifying your rights in relation to common areas in the building.E.G., does the lease permit a right of way over an accessway or hallways? You would want to receive a copy of the lease if lease has a provision for a sinking account for major works? You must be told what is to be regarded as a Nuisance in the lease What you can do if another leaseholder in the building is in violation of a provision in their lease?
I bought a basement flat in Newhaven, conveyancing was carried out August 2010. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Newhaven with a long lease are worth £221,000. The ground rent is £50 levied per year. The lease ends on 21st October 2094
With 70 years left to run the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.