My husband and I swapping mortgage lender for our maisonette in Warkworth with Coventry BS. We have a son 18 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, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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 is is a decade since I bought my house in Warkworth. Conveyancing solicitors have just been retained on the sale but I am unable to track down my title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be retained by the mortgage company or they could be archived with the solicitor who acted in your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Warkworth relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
Have completed on a a terraced house in Warkworth , how long will it take for the Land Registry to deal with the formalities evidencing my title? My Warkworth conveyancing solicitor has been painfully slow, so I want to be sure the registration formalities are concluded.
There is nothing unique when it comes to conveyancing in Warkworth registration formalities. Rather than based on location, timeframes can vary according to the party submitting the application, whether there are errors and whether the Land registry have to notify any 3rd parties. Currently in the region of three quarters of such applications are fully dealt with within two weeks but some can be subject to longer delays. Historically registration occurs once the purchaser has moved in to the premises therefore 'speed' is not always top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
What tools are available to locate a Warkworth solicitor on the Bank of Ireland conveyancing panel? I am a keen cyclist and am willing to travel upto 20kilometers to meet the conveyancer.
Feel free to make use of the facility on this page. Please choose the lender and your location and you will see a number of Warkworth conveyancing lawyers locally. We have detailed some Warkworth conveyancing firms towards the end of this page and you can call them to check whether they are on the Bank of Ireland approved list
I need to retain a conveyancing solicitor for sale conveyancing in Warkworth. I happened to land on a web site which seems to have the ideal solution If it is possible to get all formalities completed via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a reputable estate agency in Warkworth where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Warkworth conveyancing solicitors. Can you confirm whether the vendor of a flat can start 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
I acquired a garden flat in Warkworth, conveyancing formalities finalised half a dozen 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 Warkworth with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2086
With just 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.