My fiance and I intend to remortgage our flat in Hadley Wood with Barclays. We have a son approaching twenty who lives with us. 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, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the Barclays conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 premises in Hadley Wood but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Hadley Wood and has limited impact for conveyancing in Hadley Wood 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 from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
The Hadley Wood conveyancing lawyers that I appointed last week on my purchase in Hadley Wood have without warning shut down. I only went with them because I needed a solicitor on the Skipton conveyancing panel and my preferred Hadley Wood lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
We have agreed to purchase a house in Hadley Wood. A rare aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Santander your lawyer must check the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Santander. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Santander where a lease does not satisfy these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to Hadley Wood.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Hadley Wood bank branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Hadley Wood conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend based on their specific requirements. Who do I believe?
The solicitor has to comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Principality have agreed my mortgage in principle, my offer on a property in Hadley Wood has been agreed to, what are the next steps?
The estate agent will want to be advised as to your lawyer's details (ensure that the solicitors are on the lender’s panel). Contact Principality or your financial adviser and complete any outstanding documentation. Principality will sellect a valuer who will get in touch with the selling agent or seller to schedule a time for the valuation to take place. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Principality will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hadley Wood.
Should commercial conveyancing searches disclose planned roadworks that may affect a commercial property in Hadley Wood?
Its becoming the norm that commercial conveyancing solicitors in Hadley Wood will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Hadley Wood. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hadley Wood.
For each commercial conveyancing transaction in Hadley Wood it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Hadley Wood commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Hadley Wood.
What happens where there is an issue with one of the searches for my conveyancing in Hadley Wood?
Ordinarily, almost all issues arising from Hadley Wood conveyancing search responses can be addressed before completion or indemnity insurance could possibly be obtained. You should note that even though you may be acquiring the property and may be willing to live with the search results, your lender may not, and when all said and done have the final decision.