My fiance and I swapping mortgage lender for our apartment in Rumney with Barclays. We have a son 18 who lives with us. Our solicitor has asked us to disclose 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 flat is forfeited by the lender. I have two questions (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this extinguish 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 a local search inform me regarding the house I am buying in Rumney?
Rumney conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search is essential in every Rumney conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Should I be concerned by estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Rumney conveyancing firm?
As is the case with lots of professional services, often suggestions from relatives can be worth their weight in gold. Yet there are many players in a conveyancing matter; estate agents, mortgage brokers and banks may put forward solicitors to instruct. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to choose your own lawyer. Don't forget that some banks operate an approved list of law firms you have to use for the mortgage related work in your transaction.
I've recently bought a leasehold flat in Rumney. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a ground floor flat in Rumney, conveyancing having been completed in 2012. Can you work out an approximate cost of a lease extension? Comparable flats in Rumney with an extended lease are worth £190,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2081
With 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 investigations. You should not use the figures 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. Please do not take any other action placing reliance on this information before getting professional advice.
Much to my surprise my conveyancing solicitor in Rumney has requested from me ID documents saying that this is part of his obligations as a solicitor on the mortgage company Conveyancing panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the lender. This is not unique to conveyancing in Rumney