My wife and I intend to remortgage our flat in Polegate with Aldermore. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. 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 two questions (1) Is this form unique to the Aldermore conveyancing panel as he did not need to sign this form when we purchased 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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 have a decision in principle. The bank mentioned the loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather instruct a Polegate based conveyancing firm?
Do check but the chances are that appoint one of their panel conveyancers if you accept the "fee-free" deal. Speak to the mortgage company to determine if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Polegate.
I am purchasing a new build house in Polegate with a mortgage from Godiva Mortgages Ltd. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The sale representative told me not reveal to my lawyer about the deal as it could jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Polegate I like with a park and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Polegate for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
In scouring the world wide web for the term on line conveyancing in Polegate it brings up numerous solicitorslocally. How do I determine which is the right conveyancing solicitor for my move?
The preferential method of finding the right conveyancer is via trusted recommendation, so seek the counsel of friends and family who have purchased a property in Polegate or a local estate agent or financial adviser. Charges for conveyancing in Polegate vary, so it's sensible to secure a minimum of three estimates from varying types of solicitors. Dont forget to clarify that the costs are assured not to rise.
Back In 2003, I bought a leasehold house in Polegate. Conveyancing and Barclays mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Polegate who acted for me is not around. What should I do?
First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Polegate conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a garden flat in Polegate, conveyancing having been completed December 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Polegate with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2092
With 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.