My partner and I intend to remortgage our maisonette in Creigiau with Lloyds. We have a son 19 who lives at home. Our solicitor requested us to identify 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, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Lloyds conveyancing panel as he did not need to sign this form when we bought 5 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 Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
Do all mortgage companies provide you with an approved list of Creigiau conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Creigiau conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
There are numerous conveyancing solicitors in Creigiau but how do I know who I should use?
We would encourage you not to base your choice on the cheapest Creigiau conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am assisting my step-mother sell her flat in Creigiau. Will the solicitor order the energy assessment or do I organise this?
After the demise of Home Packs, energy performance certificates was left as a required element of selling a property. An energy performance certificate needs to be to hand before the property is advertised. This is not as aspect of the sale process that solicitors ordinarily organise. If you are using a Creigiau conveyancing practitioner they may be able to arrange energy assessments given their contacts with long established Creigiau assessors
We are planning to move house in March. Does my conveyancing solicitor liaise with the removal company on the completion day. Incidentally, can you put forward a removal company in Creigiau. Conveyancing solicitor was organised before I stumbled across your site.
On the afternoon of completion you can collect the keys from the property agent however this should only take place after the previous owners conveyancers confirm to the agent that they have the completion monies and the keys can be given over. You can inform the removal company that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can assist you in finding a residential property solicitor in Creigiau or a lawyer with expertise in conveyancing in Creigiau.
How does conveyancing in Creigiau differ for newly converted properties?
Most buyers of new build or newly converted property in Creigiau come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Creigiau usually purchase 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 conveyancing solicitors 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 accustomed to new build conveyancing in Creigiau or who has acted in the same development.
I am tempted by the attractive purchase price for a two flats in Creigiau both have about 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Creigiau is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Creigiau conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Creigiau Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Is anyone aware of any major works anticipated that will increase the maintenance charges? Please note if it is fewer than 80 years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the residence for two years in order to be eligible to exercise a lease extension. The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this scenario the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders.