My wife and I intend to remortgage our penthouse in Lampeter with UBS. We have a son 18 who lives with us. Our solicitor requested us to identify 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 flat is repossessed. I have two questions (1) Is this form unique to the UBS 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 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 UBS. This is solely used to protect UBS 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 UBS 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.
Why do I have to pay up front when it comes to conveyancing in Lampeter?
If you are buying a property in Lampeter your lawyer will ask you place them with monies to cover the search fees. Normally this is called for to cover the fees of the conveyancing searches. If any down payment is as part of the purchase price then this should be needed immediately in advance of contracts are exchanged. Any further balance that is due will be payable shortly before completion.
I'm purchasing my first flat in Lampeter benefiting from help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my solicitor about the extras as it could jeopardize my loan with the lender. 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 flat up to £305k and found one near me in Lampeter I like with a park and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Lampeter suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I need to instruct a conveyancing solicitor for freehold conveyancing in Lampeter. I have discover a web site which looks to be the perfect solution If there is a chance to get all this stuff completed via web that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?