My wife and I changing mortgage lender for our penthouse in Llanrumney with RBS. We have a son 18 who lives at home. Our solicitor requested us to identify 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 apartment is repossessed. I have a couple of concerns (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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 have 7378 less than 75 years unexpired on my lease and need a lease extension for my flat in Llanrumney. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/9/2021 the requirements read as follows :
We're new on the property ladder - had an offer accepted, but the property agent told us that the owners will only proceed if we instruct their preferred lawyers as they need a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Llanrumney
We suspect that the seller is not behind this demand. If they require ‘a quick sale', turning down a serious buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Llanrumney conveyancing solicitors - not the ones that will give their estate agent a introducer fee or hit his conveyancing targets pre-set by senior management.
I am in need of some leasehold conveyancing in Llanrumney. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Llanrumney - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a garden flat in Llanrumney, conveyancing having been completed January 2010. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Llanrumney with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2084
With just 63 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my flat purchase in Llanrumney , but I am anxious go ahead. Do I have options?
One option is to try and agree a lower deposit. Most property owners will agree to a lesser 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