My wife and I are refinancing our maisonette in Ilminster with Nationwide. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Nationwide conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his rights 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Forgive me if this question is silly but I am new to the process as a first time purchaser of a two bedroom flat in Ilminster. Do I receive the keys to the premises on the completion date from my conveyancer? If so, I will use a High Street conveyancing solicitor in Ilminster?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be called to receive the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
We had chosen conveyancers located in Ilminster on the Co-operative solicitor panel. They are now charging me a separate fee for handling the Co-operative mortgage. Is this an additional conveyancing fee specified by Co-operative?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancer can charge a fee for this. This fee is not dictated by Co-operative but by your Ilminster lawyer. Plenty of firms on the Co-operative panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
I am due to exchange contracts on my house. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Santander are being difficult. The Ilminster solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I opted to have a survey done on a property in Ilminster before appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some banks may refuse to grant a loan on such a house.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ilminster. Conveyancing may be slightly more expensive based on your lender's requirements.
Helen (my wife) and I may need to sub-let our Ilminster basement flat for a while due to taking a sabbatical. We used a Ilminster conveyancing firm in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Ilminster conveyancing lawyer is no longer available you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I invested in buying a ground floor flat in Ilminster, conveyancing having been completed in 1997. How much will my lease extension cost? Equivalent properties in Ilminster with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2099
You have 80 years left to run the likely cost is going to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
We are in the middle of buying a house in Ilminster. Conveyancing lawyer has told us the title is "Leasehold". Does this make a difference on the marketability of the house?
Ilminster conveyancing does not usually involve leasehold houses. The main factor here is the remaining lease term and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the value too much.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse impact on the value, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your conveyancing practitioner.