My fiance and I swapping mortgage lender for our flat in Sutton On Sea with HSBC. We have a son 18 who lives with us. Our solicitor requested us to identify any adults 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 flat is repossessed. I have two concerns (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we purchased 3 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 HSBC. This is solely used to protect HSBC 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 HSBC 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 am buying my first flat in Sutton On Sea with a loan from TSB. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this deal as it would adversely affect my mortgage with TSB. 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.
Due to the guidance of my in-laws I had a survey completed on a house in Sutton On Sea before appointing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks tend not give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sutton On Sea. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sutton On Sea to see if the conveyancing will be more expensive.
I have been pointed in your direction by a few selling agents in Sutton On Sea to locate a conveyancer on your site. What’s the financial advantage for Estate Agents to offer your services over a competitor’s?
We refuse to offer any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Sutton On Sea. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Sutton On Sea ?
Most houses in Sutton On Sea are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Sutton On Sea so you should seriously consider shopping around for a Sutton On Sea conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I acquired a ground floor flat in Sutton On Sea, conveyancing was carried out February 2012. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Sutton On Sea with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2083
With only 57 years left to run the likely cost is going to span between £28,500 and £33,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Been looking for a solicitor for leasehold sale conveyancing in Sutton On Sea. I'm selling, uncomplicated no mortgage to discharge, no rush, no onward purchase. Received a quote from a conveyancing practitioner for £800 including VAT which is a little high considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Sutton On Sea?
As it’s a sale only, £450 + VAT would be about the best for a Sutton On Sea solicitor firm.