I can't travel far from Thurmaston. Can you please explain the reason why all Thurmaston lawyers aren't automatically on all lender panels?
A decade ago most lenders exhibited an approach to risk which is different from today. The FSA in 2010 conducted a thematic review into property fraud which concluded: know the lawyers on your panel. Consequently, banks have since requiredmore information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the mortgage companies insisted on.
My fiance and I swapping mortgage lender for our flat in Thurmaston with Clydesdale. 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Clydesdale conveyancing panel as he did not need to sign this form when we purchased 4 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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 4 months following my purchase conveyancing in Thurmaston completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 property 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.
Due to the advice of my in-laws I had a survey completed on a house in Thurmaston in advance of instructing solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders tend not issue a mortgage on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you e-mail us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Thurmaston. Conveyancing may be slightly more expensive based on your lender's requirements.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Thurmaston. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Thurmaston are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Thurmaston so you should seriously consider looking for a Thurmaston conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
Thurmaston Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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Is the freehold reversion owned collectively by the leaseholders? The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees have control and although a managing agent is usually retained if it is larger than a house conversion, the managing agent is directed by the tenants. You will want to discover as much as you can concerning the managing agents as they will either make life much simpler or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Don't be afraid to ask prospective neighbours whether they are happy with their service. In conclusion, be sure you discover the dates that the service charges are due to the relevant party and precisely how they are spending the funds.
My cousin is buying a studio flat in Thurmaston. He was given a quote by the conveyancing practitioner recommended by the selling agents totaling £1300 . It was 7 years ago I sold and purchased a house and the bill was £500. Have charges really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Thurmaston searches, land registry fees, etc)