My wife and I swapping mortgage lender for our penthouse in Chesham with Nationwide. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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 concerns (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 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 Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Can you point me to a directory of Nationwide panel solicitors in Chesham on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings available over the internet. If you are in need of a Chesham conveyancer on the Nationwide please make the most of our tool.
I had a mortgage agreed in principle with Nottingham. Chesham conveyancing practitioners were selected. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham conducted the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a OIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Chesham solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Chesham solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
Should our conveyancer be raising enquiries concerning flooding as part of the conveyancing in Chesham.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Chesham. Some people will acquire a house in Chesham, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Chesham. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to discover if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer could commence a claim for damages resulting from an inaccurate reply. A purchaser’s lawyers will also conduct an environmental report. This will indicate if there is a recorded flood risk. If so, further investigations will need to be initiated.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Chesham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Chesham
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Can you offer any advice when it comes to finding a Chesham conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Chesham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Chesham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions have they carried out in Chesham in the last year? Can they put you in touch with clients in Chesham who can give a testimonial?
I acquired a 1 bedroom flat in Chesham, conveyancing was carried out 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 flats in Chesham with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2089
You have 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.