My husband and I are refinancing our flat in Yatton with Santander. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the Santander conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Santander 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 Santander. This is solely used to protect Santander 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 Santander 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.
When it comes to mortgage companies such as HSBC, do Yatton solicitors incur a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We previously instructed conveyancers locally in Yatton on the Co-operative solicitor approved list. They have just billed me a separate fee for handling the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your lawyer may charge a fee for this. The charge is not dictated by Co-operative but by your Yatton lawyer. Some firms on the Co-operative panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
We expect to receive a AIP from Santander this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Yatton solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Yatton solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
My relative recommended that where I am purchasing in Yatton I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Yatton conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Yatton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Yatton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Yatton Education with plans and statistics, Local Amenities and other useful information concerning Yatton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Yatton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Yatton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Yatton. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Yatton are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Yatton so you should seriously consider looking for a Yatton conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I own a 1st floor flat in Yatton, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Yatton with over 90 years remaining are worth £201,000. The ground rent is £45 per annum. The lease expires on 21st October 2090
With just 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.
The figure 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 detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
When it comes to my conveyancing in Yatton should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Yatton conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.