My fiance and I are intent on purchasing residence in Coney Hall. My lawyer has never been on on the lender approved list. Am I still permitted to appoint my Coney Hall conveyancing solicitor even though they are excluded from the mortgage company list of approved lawyers?
You have a number of options open to you here
- Proceed with your existing Coney Hall lawyer but your mortgage company will no doubt retain a conveyancing practitioner from their approved panel. The net result is additional charges and probable frustration.
- Appoint a new conveyancing practitioner to conduct the conveyancing, obviously checking they are on the mortgage company conveyancing panel.
- Convince your lawyer to attempt to join the lender panel
My wife and I intend to remortgage our penthouse in Coney Hall with TSB. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 flat is repossessed. I have two questions (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise 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 TSB. This is solely used to protect TSB 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 TSB 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 purchased a freehold residence in Coney Hall yet pay rent, why is this and what is this?
It is rare for properties in Coney Hall and has limited impact for conveyancing in Coney Hall but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have been on the look out for a flat up to £245,000 and identified one close by in Coney Hall I like with amenity areas and station nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Coney Hall in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My business partner and I are wishing to take an assignment of a lease of an office on a shopping parade. Can you recommend conveyancers offering no-sale-no costs for commercial conveyancing in Coney Hall for below 2k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Coney Hall, including the disposal and acquisition of businesses as well as simply premises. If you are hoping to buy or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right solicitor. Regarding the fees these will vary based on the structure and nuances of the deal. Please provide us with your contact information or phone so as to enable us to provide you with a fixed commercial conveyancing calculation.
New build sellers have recommended to me a solicitor and I've sought an estimate from them. It's almost two hundred pounds less expensive than my preferred Coney Hall lawyer. Should I use them?
Developers frequently have panels of solicitors who expedite matters and who know the builder's contract and property lawyer. Plenty of developers offer an inducement to select a preferred lawyer for this reason, any increased cost can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they require an exchange inside a month. A counter-argument for not agreeing to use the suggested conveyancer is that they may be hesitant to 'push' your interests for fear of alienating the developer. If you worry that this may be the situation you should keep with your high street Coney Hall conveyancing practitioner.