My partner and I swapping mortgage lender for our apartment in Totterdown with RBS. We have a son approaching twenty who lives with us. 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 flat is repossessed. I have a couple of concerns (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we purchased 5 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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 were going to get a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Totterdown solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Totterdown solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I am currently in the process of buying my council flat in Totterdown. I have a mortgage offer with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
My sealed bid on a semi in Totterdown has been accepted, but there is a chain. The owners have placed an offer on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have selected a bricks and mortar conveyancing solicitor in Totterdown. What should be my next step? At what stage should I apply for the mortgage with Clydesdale?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Totterdown conveyancing search costs, etc). First, you should check that your solicitor is on the Clydesdale approved list. As to the next stages this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. During a buoyant market the majority of purchasers would apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they request their lawyer to press on with searches.
Do commercial conveyancing searches reveal planned roadworks that may impact a commercial property in Totterdown?
Its becoming the norm that commercial conveyancing solicitors in Totterdown will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Totterdown. 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 Totterdown.
For every commercial conveyancing transaction in Totterdown it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Totterdown commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Totterdown.
Last December I purchased a leasehold property in Totterdown. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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 ensure 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 bought a 2 bed flat in Totterdown, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Totterdown with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2077
With only 58 years remaining on your lease the likely cost is going to span between £22,800 and £26,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I have been searching for Totterdown conveyancing quotes online. Can I be confident that all the Totterdown practices that are listed on your site are on the bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Totterdown firm being on the bank conveyancing panel is not accurate.