My husband and I are refinancing our apartment in Brading with Clydesdale. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 a couple of concerns (1) Is this form unique to the Clydesdale conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
I am buying a new build house in Brading with a loan from The Mortgage Works. The developers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about this extras as it may put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Hoping to buy a property located in Brading and I am already nervous. I couldn't find anything specific about Brading. Conveyancing will be needed in due course but do you know about the Brading area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Brading. In the meantime here are some basic statistics that we found
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Brading. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Brading ?
Most houses in Brading are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Brading in which case you should be looking for a Brading conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I bought a 1st floor flat in Brading, conveyancing having been completed in 2010. Can you work out an approximate cost of a lease extension? Comparable properties in Brading with over 90 years remaining are worth £195,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2081
With just 63 years unexpired the likely cost is going to be between £16,200 and £18,600 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account 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.
Do online conveyancing organisations cover everything a high street Brading solicitor does or must I use a solicitor for the final stages for my conveyancing in Brading?
Where you instruct an online conveyancer they will undertake all the things your Brading solicitor will cover.