My fiance and I are refinancing our maisonette in Cefn Mawr with Bank of Ireland. 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 flat is repossessed. I have a couple of questions (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 4 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
What can a local search inform me concerning the house we're buying in Cefn Mawr?
Cefn Mawr conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example Onsearch The local search plays a central part in many a Cefn Mawr conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
How does conveyancing in Cefn Mawr differ for newly converted properties?
Most buyers of new build premises in Cefn Mawr come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Cefn Mawr typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cefn Mawr or who has acted in the same development.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Cefn Mawr. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cefn Mawr ?
Most houses in Cefn Mawr are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Cefn Mawr in which case you should be shopping around for a Cefn Mawr conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I invested in buying a 1st floor flat in Cefn Mawr, conveyancing was carried out in 2005. How much will my lease extension cost? Equivalent flats in Cefn Mawr with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2087
You have 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
My brother is purchasing a ground floor flat in Cefn Mawr. He has received a fee estimate by the conveyancing practitioner suggested by the selling agents and it came to £1300 . It was 9 years ago I sold and purchased a house and the fee was £450. Have charges really increased to that extent?
We would recommend that you call two or three local Cefn Mawr conveyancing firms requesting estimates. It is advisable to base your decision not just on cost, but on promptness and on how comprehensive the response was.