I chose a high street lawyer for my conveyancing in Ulverston recently. Reviewing the terms of engagement I notewe are on the hook for charges even if the dealfalls through. Would I be best advised to choose a web based solicitor practice advertising no-sale-no-fee conveyancing in Ulverston?
It is usually ‘give and take’ in that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be more expensive to cover the conveyances that do not proceed. Please beware that such deals tend not to protect you from expenses such your Ulverston conveyancing search expenses.
My fiance and I are refinancing our maisonette in Ulverston with UBS. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. 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 questions (1) Is this form unique to the UBS 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?
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 UBS. This is solely used to protect UBS 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 UBS 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.
I am the registered owner of a freehold premises in Ulverston but still pay rent, why is this and what is this?
It’s unusual for properties in Ulverston and has limited impact for conveyancing in Ulverston but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Will our conveyancer be making enquiries regarding flooding during the conveyancing in Ulverston.
Flooding is a growing risk for conveyancers carrying out conveyancing in Ulverston. There are those who acquire a house in Ulverston, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out 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 number of checks that can be carried out by the purchaser or by their solicitors which should give them a better understanding of the risks in Ulverston. The conventional set of completed inquiry forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to find out if the premises has historically flooded. If the premises has been flooded in past which is not revealed by the seller, then a buyer may commence a legal claim for losses as a result of such an incorrect answer. A purchaser’s conveyancers will also commission an environmental search. This should higlight if there is any known flood risk. If so, additional investigations will need to be made.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Ulverston I like with a park and transport links in the vicinity, however it's only got 61 years on the lease. There is not much else in Ulverston suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Having had my offer accepted I require leasehold conveyancing in Ulverston. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Ulverston - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a ground floor flat in Ulverston, conveyancing formalities finalised in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Ulverston with a long lease are worth £211,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With 67 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other 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 based on this information without first seeking the advice of a professional.