My partner and I intend to remortgage our penthouse in Woburn with TSB. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. 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 a couple of concerns (1) Is this document specific to the TSB conveyancing panel as he did not need to sign this form when we remortgaged 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 TSB. This is solely used to protect TSB 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 TSB 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.
Will our conveyancer be raising enquiries concerning flooding during the conveyancing in Woburn.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Woburn. There are those who acquire a house in Woburn, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Woburn. The conventional set of completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the owner to discover whether the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a claim for damages resulting from an misleading reply. The purchaser’s lawyers should also order an environmental search. This should indicate if there is any known flood risk. If so, more detailed investigations will need to be carried out.
I need to appoint a conveyancing solicitor for sale conveyancing in Woburn. I've land on a web site which seems to have the perfect solution If there is a chance to get all the legals completed via phone that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to choosing a Woburn conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Woburn conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Woburn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
How experienced is the firm with lease extension legislation?
I acquired a 2 bed flat in Woburn, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Woburn with a long lease are worth £216,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2089
With only 70 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
A couple of weeks ago I was told by my mortgage company that their approved conveyancers work on no completion no fee basis for conveyancing in Woburn. I had a purchase fall through and now the conveyancers have invoiced for search fees! They say the fees are seperate!
Woburn conveyancing search fees are disbursements not legal fees as these are paid to a third party.