My wife and I intend to remortgage our penthouse in Ramsey with Aldermore. We have a son approaching twenty who lives at home. 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, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Aldermore conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his rights 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.
Is there a reason why leasehold purchase conveyancing in Ramsey is more expensive?
Ramsey leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering applying for a Leeds Building Society mortgage for purchase of a newly converted (under development) in Ramsey with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I just acquired a property at auction in Ramsey. Conveyancing is necessary. What happens now?
Having legally committed yourself to purchase you must choose a conveyancing practitioner soon as you will have a pending a drop dead date to complete the deal. All auction property should have a bespoke auction set of papers. This should include evidence of title and search results. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds organised to complete on the on the contractual date .
When it comes to mortgage companies such as Kent Reliance, do Ramsey conveyancing practitioners have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My wife and I are spending time looking at flats in Ramsey and I am now considering a potential offer. Should I already have a conveyancing practitioner appointed at this point? I am planning to take a home loan with Yorkshire BS.
It would be advisable to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are seeking a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ramsey. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ramsey
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There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
In relation to leasehold conveyancing in Ramsey what are the most common lease defects?
Leasehold conveyancing in Ramsey is not unique. All leases are individual and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain parts of the property
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Bank of Ireland 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 buyer to withdraw.
I am the registered owner of a studio flat in Ramsey, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Ramsey with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2080
You have 55 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 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 a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.