My wife and I swapping mortgage lender for our apartment in Billericay with Nottingham. We have a son 19 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 repossessed. I have two concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
How does conveyancing in Billericay differ for newly converted properties?
Most buyers of new build residence in Billericay contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Billericay usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Billericay or who has acted in the same development.
I am looking for a conveyancing practitioner in Billericay for my house move. Can I check a firm’s record with the legal regulator?
Members of the public can see published Solicitor Regulator Association (SRA) determinations stemming from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could monitor telephone calls for training purposes.
I am attracted to a couple of maisonettes in Billericay which have about forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Billericay. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I own a studio flat in Billericay, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Billericay with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease expires on 21st October 2081
With only 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
Can I discover who owns a property in Billericay?
As long as the property is registered with the Land Registry, and you have enough specifics of the address of the property, you will be able to view results from the the Land Registry of the recorded proprietor for a fee.