My partner and I are refinancing our apartment in Hampton Wick with Principality. We have a son approaching twenty who lives with us. Our solicitor requested us to identify 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 apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we bought 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 Principality. This is solely used to protect Principality 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 Principality 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 own a freehold premises in Hampton Wick but still pay rent, why is this and what is this?
It’s unusual for properties in Hampton Wick and has limited impact for conveyancing in Hampton Wick 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in Hampton Wick. Do I receive the keys to the house on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Hampton Wick?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's lawyers, and shortly after the monies have arrived, you will be called to collect the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
When it comes to mortgage companies such as Skipton, do Hampton Wick conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
My husband and I have arranged the release of further monies on our home loan from Co-operative as we wish to conduct alterations to our property in Hampton Wick. Are we obliged to appoint a bricks and mortar Hampton Wick solicitor on the Co-operative conveyancing panel to deal with the legals?
Co-operative do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
We are intent on selling our house in Hampton Wick and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers used a factory type conveyancing firm as opposed to a conveyancing solicitor in Hampton Wick. Having lived in Hampton Wick for three years we know that this is a non issue. Do we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I'm purchasing my first flat in Hampton Wick with the aid of help to buy. The builders would not move on the price so I negotiated 6k of additionals instead. The property agent told me not disclose to my solicitor about this deal as it may adversely affect my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
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 CML website. CML 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.
I am in the process of purchasing my first home in Hampton Wick. Conveyancing solicitor has been selected. The financial consultant advised that a survey is not appropriate as the property is just 17 years old.
The bare minimum you need a Home Buyer's Report. Given the premises is more than ten years old the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could suffice. The report should highlight any obvious issues and suggest further investigation where appropriate. If there are any signs of material issues obtain a full structural survey.