My fiance and I intend to remortgage our apartment in Guildford with Co-operative. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults 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 flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Co-operative conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his entitlement 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
The Guildford conveyancing solicitors that I recently instructed on my purchase in Guildford have suddenly shut down. I only went with them because I needed a solicitor on the RBS conveyancing panel and my preferred Guildford lawyer was not. I paid them funds in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I have been advised by my lawyer that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Guildford?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between National Westminster Bank and Barnsley Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We previously chose conveyancing lawyers located in Guildford on the Lloyds solicitor approved list. They are now charging me a further fee for handling the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer is entitled to charge a fee for this. This fee is not set by Lloyds but by your Guildford lawyer. Some firms on the Lloyds panel will charge ’dealing with mortgage’ fee and others do not.
I'm at the point of viewing flats in Guildford and I am about to put in an offer. Should I already have a property lawyer in place at this stage? I am planning to take a home loan with Skipton.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are seeking a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
Given that I am about to part with over three hundred thousand on a two bedroom apartment in Guildford I wish to talk to a conveyancer concerning thehouse move prior to appointing the firm. Is this something that you can arrange?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you first talking to the lawyer due to be carrying out your conveyancing in Guildford.There is no ‘factory style conveyancing’ - each client is an important individual, not a file reference. The law firms that we put you in touch with believe that the fees you are provided with for your conveyancing in Guildford should be the amount on the final invoice that you end up paying.
I’m about to sell my ground floor apartment in Guildford. Conveyancing is yet to be initiated, but I have just received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is discharge the service charge as you normally would given that all ground rent and maintenance payments should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a leasehold flat in Guildford, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Guildford with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2083
With only 64 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.