My fiance and I swapping mortgage lender for our flat in Swanage with Aldermore. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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 property is forfeited by the lender. I have two concerns (1) Is this document specific to the Aldermore conveyancing panel as he never had to sign this form when we remortgaged 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 Aldermore 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
We had selected solicitors locally in Swanage on the Aldermore solicitor panel. They have just invoiced me a separate charge for handling the Aldermore mortgage. Is this an additional conveyancing fee specified by Aldermore?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your lawyer can levy a fee for this. This charge is not set by Aldermore but by your Swanage property lawyer. Plenty of firms on the Aldermore panel will levy an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
Last month we had a mortgage agreed in principle with UBS. Swanage conveyancing lawyers were chosen. How long does it take for UBS to issue the offer to the property lawyer?
Some lenders take longer than others. Have UBS completed the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
At last I have had an offer on an apartment in Swanage accepted, but there is a chain. The sellers have offered on a property, however it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Swanage. What do I do now? At what point should I apply for the mortgage with Kent Reliance?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Swanage conveyancing search fees, etc). The first course of action is to ensure that your solicitor is on the Kent Reliance conveyancing panel. Concerning the subsequent phase this very much dictated by the specifics of your case, motivation for the property and on the state of the market. In a buoyant market some purchasers would apply for a home loan with Kent Reliance and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
Over the last few months I have been searching for a flat up to £305k and found one near me in Swanage I like with amenity areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Swanage for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
My step-father has encouraged me to instruct his conveyancers in Swanage. Should I use them?
Much as we are happy to recommend a Swanage conveyancing lawyer the ideal way to choose a conveyancing solicitor is to seek recommendations from friends or relatives who have used the conveyancer that you are are thinking of instructing.
I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Swanage. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Swanage are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Swanage so you should seriously consider looking for a Swanage conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
Leasehold Conveyancing in Swanage - Examples of Queries Prior to Purchasing
On the whole the outlay for major works are not built into the service charges, albeit that a few managing agents in Swanage ask leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. Plenty Swanage leasehold flats will have a service bill for the upkeep of the building set by the landlord. If you purchase the apartment you will have to pay this charge, normally quarterly accross the year. This could be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a ground rent for you to pay yearly, normally this is not a exorbitant figure, say around £50-£100 but you should to check as sometimes it could be prohibitively expensive. Its a good idea to find out as much as possible about the company managing the building as they can either make life much easier or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Don't be afraid to ask prospective neighbours if they are happy with their service. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes.