My fiance and I intend to remortgage our maisonette in Poundbury with Nottingham. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had 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?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
It has been three months following my purchase conveyancing in Poundbury took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Poundbury I like with amenity areas and station nearby, however it only has 61 years unexpired on the lease. There is not much else in Poundbury suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
My company is intending to take over a lease of an office on the high street. Can you recommend conveyancers offering fixed charges for non-domestic conveyancing in Poundbury for below £2000?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Poundbury, including the sale and purchase of businesses as well as simply premises. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right solicitor. Regarding the costs these will vary based on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or email us so that we may furnish you with a detailed commercial conveyancing quote.
I’m about to sell my garden flat in Poundbury. Conveyancing has not commenced, but I have recently had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual given that all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Poundbury Conveyancing for Leasehold Flats - Examples of Queries before buying
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Its a good idea to find out as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day issues like the cleanliness of the common parts. You should not be afraid to ask other people what they think of their management. On a final note, be sure you understand the dates that the maintenance fees are due to the relevant party and precisely what it includes. Is there a share of the freehold? Are any of leasehold owners in arrears of their service charge payments?
Estate agents have just been given the go-ahead to market my ground floor flat in Poundbury.Conveyancing has not commenced however I have recently received a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal as all rents and service invoices will be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process