My husband and I changing mortgage lender for our penthouse in Peterston Super Ely with UBS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the UBS conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your UBS 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Peterston Super Ely? Is this really necessary?
Peterston Super Ely conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required in compliance with the money laundering laws as conveyancers have a duty to check that the funds you are using to purchase a property (be it the exchange deposit or the total purchase amount where you are buying mortgage free) has come from legitimate source (such as employment savings) rather than the fruits of criminal activity.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Peterston Super Ely is the location of the property. Can you offer any guidance?
Flying freeholds in Peterston Super Ely are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peterston Super Ely you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peterston Super Ely may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We're FTB’s - agreed a price, yet the property agent has warned us that the owners will only move forward if we instruct their preferred conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a local solicitor used to conveyancing in Peterston Super Ely
It is improbable the sellers are driving this. If they desire ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Speak to the owners direct and make sure they understand (a)you are motivated purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your preferred Peterston Super Ely conveyancing firm - not the ones that will provide their estate agent a introducer fee or achieve conveyancing targets demanded by senior management.
I work for a long established estate agency in Peterston Super Ely where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Peterston Super Ely conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a 1st floor flat in Peterston Super Ely, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Peterston Super Ely with a long lease are worth £260,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2092
With just 74 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.