My wife and I changing mortgage lender for our flat in Marshfield with Virgin Money. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
Are there restrictive covenants that are commonly identified during conveyancing in Marshfield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Marshfield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We are four weeks into a freehold purchase having been recommend to solicitors by the local agent to do our conveyancing in Marshfield. I am am very frustrated with the quality of service. Could you help me find new conveyancers?
They would have to be very bad to suggest replacing them. Has your mortgage been sent? In the event that it has you need to make them aware of the new contact details and ensure the mortgage documents are re-sent. Your solicitor ideally should be on the mortgage company panel to avoid added charges and complications. That should be your first question of the new lawyers. The find a solicitor tool can assist you in finding a lender approved conveyancer for your conveyancing in Marshfield
I am on look out for some leasehold conveyancing in Marshfield. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Marshfield - 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 inherited a leasehold flat in Marshfield, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Marshfield with a long lease are worth £186,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2072
With 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 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 supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues 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 based on this information before seeking the advice of a professional.
What is the average conveyancing fee for conveyancing in Marshfield?
The average fee last year for conveyancing in Marshfield was £1,500 excluding Stamp Duty and HM Land Registry fees.