My husband and I changing mortgage lender for our maisonette in Yorkshire Dales with Barclays. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Barclays conveyancing panel as he did not need to sign this form when we bought 4 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
About to place a bid on a leasehold apartment in Yorkshire Dales. The selling agents assure me that it is standard for flats in Yorkshire Dales to have less than 75 years unexpired on the lease. I am getting a loan with Virgin. Will the property be mortgageable given that the lease has Seventy One years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/4/2024 the requirements read as follows :
Are all Yorkshire Dales Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
We previously chose conveyancing lawyers locally in Yorkshire Dales on the Yorkshire BS solicitor panel. They are now charging me a further charge for the legal aspects of the Yorkshire BS mortgage. Is this an additional conveyancing fee set by Yorkshire BS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner can charge a fee for this. This fee is not set by Yorkshire BS but by your Yorkshire Dales lawyer. Plenty of firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee and others do not.
My wife and I are at the point of looking at apartments in Yorkshire Dales and I am now considering a potential offer. Is it sensible to have a conveyancer on ‘stand by’? I will be getting a mortgage with Yorkshire BS.
It would be prudent to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are seeking a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I have been on the look out for a flat up to £245,000 and found one close by in Yorkshire Dales I like with open areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Yorkshire Dales in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
All being well we will complete our sale of a £425,000 garden flat in Yorkshire Dales in nine days. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Yorkshire Dales?
For the majority of leasehold sales in Yorkshire Dales conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract enquiries
Where consent is required before sale in Yorkshire Dales
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a garden flat in Yorkshire Dales, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Yorkshire Dales with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2083
With just 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I have recently had an offer accepted on a leasehold flat in Yorkshire Dales and the estate agent that we are dealing with suggested his conveyancer. She quoted £900 plus VAT and disbursements. Does this sound reasonable?
You should not rely on one estimate. You should obtain like-for-like quotes for your conveyancing in Yorkshire Dales. Then select one that you trust and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.