My fiance and I are refinancing our flat in Lightwater with Coventry BS. 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. 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 questions (1) Is this form unique to the Coventry BS conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up 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 Coventry BS. This is solely used to protect Coventry 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 Coventry 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.
Do all mortgage companies provide you with an approved list of Lightwater conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Lightwater conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Due to the encouragement of my in-laws I had a survey completed on a property in Lightwater prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will refuse to issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lightwater. Conveyancing may be slightly more expensive based on your lender's requirements.
My uncle has recommend that I appoint his conveyancing solicitors in Lightwater. Should I use them?
Much as we are happy to recommend a Lightwater conveyancing lawyer the best way to choose a conveyancing lawyer is to seek feedback from friends or family who have experience in using the solicitor that you are contemplating using.
I’m about to sell my garden apartment in Lightwater. Conveyancing lawyers have not yet been instructed, but I have recently received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and maintenance invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a leasehold flat in Lightwater, conveyancing formalities finalised December 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Lightwater with over 90 years remaining are worth £179,000. The ground rent is £65 per annum. The lease ceases on 21st October 2082
With 57 years left to run the likely cost is going to be between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.