My partner and I changing mortgage lender for our penthouse in Lostwithiel with Skipton. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 forfeited by the lender. I have two questions (1) Is this document specific to the Skipton conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Lostwithiel so that I can attend their offices if necessary.
As opposed to 15 years ago, the vast majority mortgage companies no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply ID documents and there are still manifest benefits to instructing a local practitioner, in your situation a conveyancing solicitor in Lostwithiel.
In my capacity as executor for the estate of my uncle I am disposing of a residence in Cardiff but I am based in Lostwithiel. My lawyer (approximately 250 kilometers awayhas requested that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Lostwithiel to witness this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are Lostwithiel based
Planning to sign contracts shortly on a studio apartment in Lostwithiel. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lostwithiel should include some of the following:
Rent payments - what is due and when is collected, and also know whether this will change in the future An explanation concerning the obligations in the lease to to contribute towards maintenance costs - in respect of the block, and the wider rights a tenant has How long the lease is. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years specifics of the parties to the lease, for instance these could be the lessee, head lessor, landlord Changes to the premises
I bought a 1 bedroom flat in Lostwithiel, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Lostwithiel with over 90 years remaining are worth £201,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2084
With only 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as 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 without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
I have today placed an offer on a leasehold flat in Lostwithiel and the estate agent that we are dealing with recommended his property lawyer. They quoted nine hundred pounds excluding VAT and 3rd party costs. Does this sound reasonable?
Don't just go on 1 estimate. You should obtain like-for-like quotes for your conveyancing in Lostwithiel. Then pick one that you are comfortable with and just as important, is on the approved list of the lender that you have applied for a mortgage from.