My husband and I are refinancing our flat in Wynyard with Principality. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights 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 Principality. This is solely used to protect Principality 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 Principality 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.
three months have gone by following my purchase conveyancing in Wynyard took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 residence 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 guidance of my in-laws I had a survey completed on a property in Wynyard prior to retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend refuse to issue a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wynyard. Conveyancing may be slightly more expensive based on your lender's requirements.
My brother has recommend that I instruct his conveyancers in Wynyard. Should I find my own solicitor?
Much as we are happy to recommend a Wynyard conveyancing lawyer the best way to find a conveyancing practitioner is to get referrals from friends or relatives who have used the firm that you are contemplating using.
I am a negotiator for a long established estate agency in Wynyard where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Wynyard conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I acquired a 1 bedroom flat in Wynyard, conveyancing was carried out half a dozen years ago. 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? Equivalent flats in Wynyard with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2081
With just 56 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
New build sellers have put forward a conveyancing practitioner and I've received a quote from them. They are almost two hundred pounds less expensive than my local Wynyard lawyer. What's the catch?
Builders often have lists of solicitors who expedite matters and who know the builder's contract and conveyancing practitioner. Plenty of developers offer an incentive to select a preferred conveyancing practitioner for this reason, any increased charges can be avoided and a developer will not recommend a conveyancing factory and run the risk of having the transaction delayed when they require an exchange within a tight deadline. A counter-argument for not opting for the suggested conveyancer is that they may be hesitant to fight for your interests for fear of upsetting the developer. If you worry that this may be the situation you should keep with your high street Wynyard solicitor.