My fiance and I are refinancing our maisonette in Powys with Principality. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise 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 Principality. This is solely used to protect Principality 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 Principality 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 lenders provide you with an approved list of Powys conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Powys 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.
I am planning to move property in May. Does my conveyancing solicitor liaise with the removal company on the day of completion. As an aside, can you put forward a removal company in Powys. Conveyancing firm was organised prior to coming across your page.
On the afternoon of completion you can collect the keys from the selling agent however this can only take place after the sellers conveyancers confirm to the agent that they have the completion monies and the keys can be collected. After that you should tell the removal men that you are ready to move in. As a matter of policy we do not suggest a particular removal company but can assist you in finding a conveyancing in Powys or a firm with expertise in conveyancing in Powys.
I happen to be the only recipient of my late father’s estate with all property in now in my sole name, including the my former home in Powys. The Powys property was put into my name in March. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the house in March. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view lenders take of it, depend on the lender as this clause principally exists to capture subsales or the quick reselling of property.
We previously chose conveyancers with offices in Powys on the Leeds Building Society solicitor approved list. They are now charging me an additional sum for dealing with the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your solicitor may levy a fee for this. This charge is not dictated by Leeds Building Society but by your Powys conveyancer. Numerous firms on the Leeds Building Society panel will quote ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Powys is the location of the property. Can you shed any light on this issue?
Flying freeholds in Powys are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Powys you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Powys may determine 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 property.
I am looking at a couple of flats in Powys which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Powys is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Powys conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Powys Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
Best to be warned if redecorating or some other major work is pending to be shared amongst the leaseholders and will materially increase the the maintenance charges or require a one off invoice. How much is the service charge and ground rent on the property? Its a good idea to discover as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Ask other people what they think of them. In conclusion, find out the dates that the maintenance charges are due to the relevant party and specifically what it includes.