My fiance and I intend to remortgage our maisonette in Bassaleg with Skipton. 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 forfeited by the lender. I have two questions (1) Is this document specific to the Skipton conveyancing panel as he never had 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?
First, rest assured that your Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Should our solicitor be raising questions concerning flooding as part of the conveyancing in Bassaleg.
Flooding is a growing risk for conveyancers carrying out conveyancing in Bassaleg. Plenty of people will acquire a property in Bassaleg, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that may be carried out by the purchaser or by their lawyers which will give them a better understanding of the risks in Bassaleg. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover if the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the seller, then a buyer may bring a compensation claim stemming from an misleading reply. The purchaser’s conveyancers will also conduct an enviro search. This will higlight if there is a recorded flood risk. If so, additional inquiries should be made.
We're novice buyers - had an offer accepted, but the estate agent has warned us that the owners will only move forward if we instruct the agent's preferred conveyancers as they need a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Bassaleg
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', alienating a motivated buyer is counter productive. Contact the vendors directly and make sure they understand (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you are going to instruct your preferred Bassaleg conveyancing firm - not the ones that will earn the estate agent a referral fee or achieve conveyancing targets demanded by corporate headquarters.
I have recently realised that I have 72 years remaining on my flat in Bassaleg. I am keen to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent should be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Bassaleg.
I inherited a basement flat in Bassaleg, 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 Bassaleg with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2072
With just 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
My wife and I have an offer in principle from Accord Mortgages Ltd who indicated that they will lend up to £117k. When do we need to appoint a practitioner for conveyancing? Bassaleg is where we are buying.
You can instruct a property lawyer now so that the lawyer can open the ledger so they can commence the ID checks etc. Once you wish them to commence work you will be asked for a payment on account usually approximately £225. That would generally be after you have the mortgage offer and valuation results, but should you want to expedite the process you can start the ball rolling sooner even though you may be risking some expense.