My fiance and I intend to remortgage our apartment in Pontllanfraith with RBS. We have a son approaching twenty who lives with us. 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 forfeited by the lender. I have two concerns (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we purchased 3 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 RBS. This is solely used to protect RBS 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 RBS 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 am thinking of mortgaging my apartment in Pontllanfraith, does my lawyer need to be on the Nottingham Conveyancing panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial estate in Pontllanfraith?
Many commercial conveyancing solicitors in Pontllanfraith will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Pontllanfraith. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Pontllanfraith.
For each commercial conveyancing transaction in Pontllanfraith it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Pontllanfraith commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Pontllanfraith.
I'm purchasing a new build house in Pontllanfraith benefiting from help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not inform my solicitor about the side-deal as it would put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Pontllanfraith before instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend not issue a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Pontllanfraith. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Pontllanfraith to see if the conveyancing costs will increase in light of this.
When it comes to leasehold conveyancing in Pontllanfraith what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Pontllanfraith. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a ground floor flat in Pontllanfraith, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Pontllanfraith with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2098
You have 77 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information 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 based on this information before getting professional advice.