My wife and I swapping mortgage lender for our apartment in Old Colwyn with UBS. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the UBS conveyancing panel as he did not need to sign this form when we purchased 5 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 UBS 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 UBS. This is solely used to protect UBS 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 UBS 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 purchased a freehold house in Old Colwyn but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Old Colwyn and has limited impact for conveyancing in Old Colwyn but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
How does conveyancing in Old Colwyn differ for new build properties?
Most buyers of new build residence in Old Colwyn approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Old Colwyn typically acquire 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 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 used to new build conveyancing in Old Colwyn or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one near me in Old Colwyn I like with amenity areas and railway links nearby, however it's only got 51 years on the lease. There is not much else in Old Colwyn suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
As co-executor for the will of my aunt I am selling a residence in Swansea but live in Old Colwyn. My lawyer (approximately 200 kilometers from meneeds me to sign a stat dec ahead of completion. Could you suggest a conveyancing lawyer in Old Colwyn to attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are located in Old Colwyn
What advice can you give us when it comes to appointing a Old Colwyn conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Old Colwyn conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Old Colwyn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then why not? Can they put you in touch with clients in Old Colwyn who can give a testimonial?
Old Colwyn Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Most Old Colwyn leasehold properties will incur a service charge for the upkeep of the building levied on behalf of the landlord. If you buy the apartment you will have to meet this contribution, usually quarterly throughout the year. This could vary from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, normally this is not a significant sum, say approximately £25-£75 but you should to check as occasionally it could be many hundreds of pounds. How many years are left on the lease? For many Old Colwyn leaseholds the outlay for major works are not incorporated into the service charges, although a few managing agents in Old Colwyn require tenants to pay into a reserve fund and this is used to offset against larger works.