My husband and I swapping mortgage lender for our flat in Chesterton with Lloyds. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults 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 repossessed. I have a couple of questions (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we purchased 4 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 Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
It is 10 years ago since I purchased my house in Chesterton. Conveyancing lawyers have recently been instructed on the sale but I can't locate the title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they could stored with the lawyers who acted in your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Almost all conveyancing in Chesterton involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
I am buying a new build flat in Chesterton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Chesterton
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the encouragement of my in-laws I had a survey completed on a property in Chesterton ahead of retaining solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks may not give a loan on such a property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chesterton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chesterton to see if the conveyancing will be more expensive.
I only have Sixty One years remaining on my lease in Chesterton. I now wish to get lease extension but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist would be helpful to carry out a search and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court covering Chesterton.
Chesterton Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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You should be aware that where the lease has less than 80 years it will have adverse implications on the marketability of the property. Check with your bank that they are happy with remaining years on the lease. A short lease means that you will probably require a lease extension at some point and it is worth discovering what this would cost. For most Chestertonlease extensions you would need to own the property for 24 months in order to be legally able to exercise a lease extension. How much is the ground rent and service charge?
Our conveyancing in Chesterton is set to complete next Friday, yet the person I am buying from wishes to move out on the Saturday afternoon. Do I agree to such a idea?
In situations where you require a bank loan then your conveyancing practitioner will require that you have vacant possession on Friday - the bank will require it.