My fiance and I are refinancing our flat in Wooler with Lloyds. We have a son 19 who lives with us. Our solicitor requested us to identify any adults 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 property is repossessed. I have two questions (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 got the keys to my apartment on 11 May and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Wooler expressed confidence that it would be registered inside ten days. Are titles in Wooler particularly slow to register?
There is nothing unique about conveyancing in Wooler registration formalities. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether it is in order and if the Land registry communicate with any interested persons or bodies. At present roughly 80% of such applications are completed in less than three weeks but occasionally there can be protracted hold-ups. Historically registration takes place after the purchaser has moved in to the premises therefore an expedited registration is not always top priority but where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing a new build house in Wooler with a loan from Godiva Mortgages Ltd. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about this extras as it could put at risk my mortgage 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.
I am looking for a ground for flat up to £235,500 and identified one close by in Wooler I like with a park and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Wooler for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
In surfing the web for the phrase conveyancing in Wooler it reveals numerous solicitorsin the vicinity. With so much choice what is the best way to find the right property lawyer for the sale of my house?
The best way of finding the right conveyancer is via trusted recommendation, so seek the guidance of colleagues and those you trust who have bought a property in Wooler or the reputable estate agent or financial adviser. Charges for conveyancing in Wooler vary, so it's advisable to request at least four fee calculations from varying types of companies. Be sure to secure confirmation what costs in the quote includes.
My wife and I purchased a leasehold flat in Wooler. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Wooler who previously acted has now retired. What should I do?
First contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Wooler conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a garden flat in Wooler, conveyancing was carried out January 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Wooler with a long lease are worth £206,000. The ground rent is £45 per annum. The lease ceases on 21st October 2091
With only 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.