My wife and I swapping mortgage lender for our penthouse in Southend On Sea with Barclays. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 repossessed. I have a couple of concerns (1) Is this form unique to the Barclays conveyancing panel as he did not need to sign this form when we remortgaged 5 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 Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
Will our conveyancer be raising enquiries about flooding during the conveyancing in Southend On Sea.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Southend On Sea. There are those who buy a house in Southend On Sea, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that can be initiated by the purchaser or by their solicitors which should give them a better understanding of the risks in Southend On Sea. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the vendor, then a buyer may issue a claim for damages resulting from an inaccurate response. The purchaser’s conveyancers should also conduct an enviro search. This should higlight whether there is any known flood risk. If so, more detailed investigations will need to be conducted.
I'm purchasing a new build house in Southend On Sea with the aid of help to buy. The builders would not move on the amount so I negotiated £7000 of extras instead. The property agent told me not disclose to my lawyer about this extras as it could impact my loan with the lender. 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.
What does commercial conveyancing in Southend On Sea cover?
Non domestic conveyancing in Southend On Sea covers a broad range of services, given by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I’m about to sell my 2 bed flat in Southend On Sea. Conveyancing has not commenced, but I have recently received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the maintenance contribution as you normally would as all ground rent and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies 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.
I purchased a 2 bed flat in Southend On Sea, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Southend On Sea with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2082
With 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I'm buying a property in Southend On Sea. I can find 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 company 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 unqualified staff.