My partner and I intend to remortgage our penthouse in Stoke Bishop with HSBC. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 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 repossessed. I have two questions (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
The Stoke Bishop conveyancing firm that I appointed last week on my purchase in Stoke Bishop have without warning closed. They were on acting for me because I had to have a solicitor on the Principality conveyancing panel and my family Stoke Bishop lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
I am purchasing my first flat in Stoke Bishop benefiting from help to buy. The developers refused to move on the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my solicitor about this deal as it will affect my mortgage with the lender. Should I keep quiet?.
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.
How straightforward is it to use your search tool to find a conveyancing practitioner in Stoke Bishop on the approved list for my bank?
1st pick a bank such as Yorkshire Building Society, Barnsley Building Society or Barclays Direct then specify your location e.g. Stoke Bishop. Conveyancing practices in Stoke Bishop and beyond will then be listed.
Due to exchange soon on a leasehold property in Stoke Bishop. Conveyancing solicitors assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Stoke Bishop should include some of the following:
You should receive a copy of the lease The length of the lease term. You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years Responsibility to repair and maintain the main walls and foundations. It is essential that you know who is liable for the repair and maintenance of all parts of the block and communal areas The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Changes to the property
I inherited a leasehold flat in Stoke Bishop, conveyancing having been completed in 1998. Can you work out an approximate cost of a lease extension? Similar flats in Stoke Bishop with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2084
You have 65 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.