My fiance and I are refinancing our maisonette in St Nicholas with Leeds Building Society. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. 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 questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we purchased 5 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 St Nicholas conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
St Nicholas conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial premises in St Nicholas?
Its becoming the norm that commercial conveyancing solicitors in St Nicholas will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in St Nicholas. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in St Nicholas.
For each commercial conveyancing transaction in St Nicholas it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to St Nicholas commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in St Nicholas.
I'm purchasing a new build house in St Nicholas benefiting from help to buy. The builders would not move on the amount so I negotiated 6k of additionals instead. The estate agent told me not reveal to my solicitor about this deal as it will put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a long established estate agent office in St Nicholas where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local St Nicholas conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
St Nicholas Leasehold Conveyancing - Sample of Queries before buying
The best form of lease arrangement is a share of the freehold. In this scenario the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent retained by the leaseholders. Best to be warned whether fixing the lift or some other major work is coming up that will be shared between the leasehold owners and will materially increase the the maintenance costs or result in a one off invoice. It would be prudent to discover as much as possible about the company managing the building as they will either make living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. Don't be afraid to ask prospective neighbours whether they are happy with their service. Finally, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically what it includes.