My fiance and I changing mortgage lender for our penthouse in Dunmow with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Yorkshire BS conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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 just acquired a house at auction in Dunmow. Conveyancing is necessary. What are my next steps?
Given that you are now for all intents and purposes signed on the dotted line you will need to instruct a conveyancing lawyer as a matter of priority as you are facing a fast approaching a fixed date to complete the deal. An auction property will have a bespoke legal pack. This will likely include most,if not all of the documents that your solicitor requires. If you have purchased leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must hand this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds organised to complete on the on the contractual date .
Does a directory service exist listing Yorkshire BS panel conveyancers in Dunmow on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings viewable on the web. If you are in need of a Dunmow lawyer on the Yorkshire BS please use our facility.
It is unclear whether my lender requires a lease extension. I have called into my local Dunmow building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Dunmow conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their specific requirements. Who do I believe?
Provided that the solicitor is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a new build flat in Dunmow. 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 conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Dunmow
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Back In 2001, I bought a leasehold flat in Dunmow. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Dunmow who acted for me is not around. What should I do?
First contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Dunmow conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a 2 bed flat in Dunmow, conveyancing was carried out 4 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 Dunmow with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2076
With just 56 years unexpired the likely cost is going to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should 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. Please do not take any other action placing reliance on this information before getting professional advice.
Why can I not complete our conveyancing in Dunmow on Easter Monday?
This is due to the fact that on completion the funds needs to pass between the banks of the purchaser and owner’s solicitor and currently this can only occur on a business day. It is not possible to complete on a saturday or sunday either.