My fiance and I intend to remortgage our apartment in Ainsdale with RBS. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the RBS conveyancing panel as he never had 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.
I have been advised by my solicitor that chancel insurance is necessary on my purchase. What is the level of cover for Ainsdale conveyancing?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
When it comes to mortgage companies such as Nationwide, do Ainsdale property lawyers face a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I can not work out if my lender requires a lease extension. I have called into my local Ainsdale bank branch on various occasions and was told they are content with the situation and they will lend. My Ainsdale conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank approved list, they must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I'm buying a new build house in Ainsdale with a mortgage from The Royal Bank of Scotland. The developers would not move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my conveyancer about this extras as it could adversely affect my mortgage with The Royal Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Ainsdale is the location of the property. Is there any guidance you can give?
Flying freeholds in Ainsdale are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ainsdale you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ainsdale may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am downsizing from my house. My past solicitors have shut. I would be grateful for any recommendation of a conveyancing firm. Im based in Ainsdale if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Ainsdale. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I work for a reputable estate agent office in Ainsdale where we see a few flat sales derailed as a result of short leases. I have received conflicting advice from local Ainsdale conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a garden flat in Ainsdale, conveyancing formalities finalised January 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ainsdale with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease ceases on 21st October 2079
With 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.