My partner and I are refinancing our penthouse in Felpham with Yorkshire BS. We have a son approaching twenty 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, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Yorkshire BS conveyancing panel as he did not need to sign this form when we purchased 3 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 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'm buying a new build house in Felpham with a loan from Bank of Ireland. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this extras as it would impact my mortgage with Bank of Ireland. Is this normal?.
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.
I am looking for a ground for flat up to £195,000 and found one close by in Felpham I like with amenity areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Felpham for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Can you offer any advice when it comes to choosing a Felpham conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Felpham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Felpham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
If they are not ALEP accredited then why not? What volume of lease extensions has the firm completed in Felpham in the last twenty four months?
I inherited a 2 bed flat in Felpham, conveyancing was carried out in 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Felpham with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease expires on 21st October 2081
With 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should 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.
I am short of a 10% deposit on my flat purchase in Felpham , but I am keen go ahead. Do I have options?
One option is to try and agree a lower deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second