My husband and I swapping mortgage lender for our penthouse in Newmarket with Skipton. We have a son 19 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. The solicitor has now sent a form 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 document specific to the Skipton conveyancing panel as he did not need to sign this form when we bought 4 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Will our conveyancer be asking questions concerning flooding during the conveyancing in Newmarket.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Newmarket. There are those who buy a house in Newmarket, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or by their solicitors which can figure out the risks in Newmarket. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to determine if the property has ever been flooded. If the property has been flooded in past and is not revealed by the owner, then a purchaser could bring a claim for damages stemming from an incorrect answer. The purchaser’s lawyers may also order an environmental search. This will indicate whether there is a recorded flood risk. If so, further investigations will need to be initiated.
How does conveyancing in Newmarket differ for newly converted properties?
Most buyers of new build residence in Newmarket come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because house builders in Newmarket usually purchase the land, 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 conveyancers 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 Newmarket or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Newmarket I like with a park and railway links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Newmarket suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could 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 and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
What does commercial conveyancing in Newmarket cover?
Non domestic conveyancing in Newmarket covers a wide range of guidance, offered by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My wife and I purchased a leasehold flat in Newmarket. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Newmarket who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Newmarket conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Newmarket - A selection of Queries before Purchasing
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Its a good idea to discover as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. Enquire of other tenants what they think of their management. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money. It would be prudent to investigate if the the lease contains any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Newmarket. If you love the propertyin Newmarket yet your dog is not allowed to move with you then you have a very hard determination.