My husband and I changing mortgage lender for our apartment in Shaftesbury with Yorkshire BS. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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 a couple of concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
How do I search for a Shaftesbury solicitor on the The Royal Bank of Scotland conveyancing panel? I have a car and am happy to travel upto 10kilometers to meet the conveyancer.
You can use the facility on this page. Please choose the bank and your location and you will see a number of Shaftesbury conveyancing lawyers locally. We have listed some Shaftesbury conveyancing firms towards the end of this page and you can call them to verify if they are on the The Royal Bank of Scotland panel
As co-executor for the will of my aunt I am disposing of a property in Neath but I am based in Shaftesbury. My lawyer (who is 235 miles awayhas requested that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Shaftesbury who can attest this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are located in Shaftesbury
What makes a Shaftesbury lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Shaftesbury. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I inherited a split level flat in Shaftesbury, conveyancing was carried out December 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Shaftesbury with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease runs out on 21st October 2072
With only 53 years unexpired the likely cost is going to range between £27,600 and £31,800 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 the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I am purchasing a ground floor apartment in Shaftesbury. Conveyancing lawyer has been awaiting, from the owner, building insurance schedule. This morning I was advised that the vendor needs to forward the insurance documents for the flat above also. Why would my lawyer need to review the insurance for the flat above? Is it strictly necessary? We have been stalled for the previous month…
It is not impossible in leasehold conveyancing in Shaftesbury to find Conveyancing in Shaftesbury in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats as opposed to the landlord insuring the whole premises - which is definitely better. Do clarify with your solicitor but it would appear that your conveyancer is seeking to verify that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt due to lack of insurance.