My partner and I intend to remortgage our apartment in Springwell 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 reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Aldermore conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Springwell? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you are required to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to hand over identification documents, your conveyancer will not be able to take you on as a client.
We are buying a property and the conveyancer has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this strictly warranted for conveyancing in Springwell
Unless a previous acquisition of the house completed after 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Springwell to remain recommending a chancel search and or chancel repair liability insurance.
My fiance and I may need to rent out our Springwell basement flat for a while due to a career opportunity. We instructed a Springwell conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Springwell conveyancing lawyer is no longer around you can check your lease to see if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you must obtain consent via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I own a leasehold flat in Springwell, conveyancing formalities finalised in 1995. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Springwell with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2082
With only 57 years remaining on your lease we estimate the premium for your lease extension to span between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
We are midway through buying a property in Springwell. Conveyancing solicitor has phoned to say the title is "Leasehold". Will this likely impact the marketability of the property?
Springwell conveyancing does not usually involve leasehold houses. The main factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a material effect on the value, and most likely wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease which should be made available to your solicitor.