My partner and I changing mortgage lender for our penthouse in Ramsgate with Skipton. We have a son approaching twenty 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 flat is repossessed. I have a couple of concerns (1) Is this form unique to the Skipton conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Do I need to take out insurance to address the risk of chancel repairs when purchasing a property in Ramsgate?
Unless a prior purchase of the house took place post 12 October 2013 you could expect solicitors delivering conveyancing in Ramsgate to remain recommending a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified during conveyancing in Ramsgate?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ramsgate. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Should I instruct a Ramsgate conveyancing solicitor based in the vicinity that I am buying? I have an old university friend who can execute the legal work but they are based approximately 350kilometers away.
The primary upside of using a high street Ramsgate conveyancing practice is that you can drop in to sign paperwork, present your ID and pester them if necessary. Having local Ramsgate know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were content that should trump using an unknown Ramsgate conveyancing solicitor solely due to them being based in the area.
I am employed by a reputable estate agent office in Ramsgate where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Ramsgate conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a leasehold flat in Ramsgate, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Ramsgate with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2081
With just 57 years left to run we estimate the price of your lease extension to range between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
I'm purchasing a house in Ramsgate. I have found my conveyancer's company on the CLC list, but I can't see my conveyancer's name on the list. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.