My fiance and I changing mortgage lender for our apartment in East Sussex with TSB. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the TSB 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?
On the face of it your lawyer has done nothing wrong 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 TSB. This is solely used to protect TSB 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 TSB 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 happen to be the only recipient of my late mum's will and I have everything in my name now, including the house in East Sussex. The East Sussex property was put into my name in May. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the house in May. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this obligation is principally there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
After shopping around on the internet I have found a East Sussex solicitor having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own East Sussex surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My offer on a house in East Sussex has been agreed to, but there is a chain. The vendors have offered on a property, however it’s not yet agreed to, and are looking at other flats booked. I have chosen a local conveyancing solicitor in East Sussex. What should be my next step? At what stage do I apply for the mortgage with Santander?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, East Sussex conveyancing search costs, etc). The first course of action is to ensure that your property lawyer is on the Santander conveyancing panel. As to the next stages this very much dictated by the circumstances of your case, motivation for this property and on the state of the market. In a hot market the majority of home buyers will apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with searches.
Is it best to use a East Sussex conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal formalities but his firm is located approximately 350kilometers drive away.
The primary upside of using a local East Sussex conveyancing practice is that you can drop in to execute documents, deliver your ID and apply pressure on them where appropriate. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and they were impressed that must outweigh using an unknown East Sussex conveyancing solicitor just because they are round the corner.
I work for a reputable estate agency in East Sussex where we have witnessed a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local East Sussex conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a ground floor flat in East Sussex, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in East Sussex with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2083
With only 65 years remaining on your lease we estimate the premium for your lease extension to be between £13,300 and £15,400 plus costs.
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. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account 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.
How easy is it to change a solicitor as I need to find a East Sussex based firm who is on the mortgage company conveyancing panel. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to commence the conveyancing and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in East Sussex that you're thinking of instructing.