My wife and I are refinancing our apartment in Burnley with Kent Reliance. 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 lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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'm purchasing my first flat in Burnley with the aid of help to buy. The developers would not budge the amount so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my conveyancer about this deal as it may impact my loan with Yorkshire Building Society. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Burnley I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Burnley in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Should I be suspicious by brokers that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Burnley conveyancing practice?
As is the case with many professional services, often recommendations from relatives can be most helpful. Yet there are numerous parties with a keen interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend lawyers to choose. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the right to select your own lawyer. You need to be aware that most banks specify a panel list of law firms you have to use for the lender aspect of your transaction.
Back In 2004, I bought a leasehold house in Burnley. Conveyancing and The Mortgage Works mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Burnley who previously acted has long since retired. Do I pay?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Burnley conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a ground floor flat in Burnley, conveyancing formalities finalised 3 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? Similar properties in Burnley with a long lease are worth £185,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2079
With just 60 years left to run we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. 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. You should not take any other action placing reliance on this information without first getting professional advice.