My wife and I changing mortgage lender for our apartment in Kingston with Virgin Money. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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 purchasing a new build flat in Kingston. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Kingston you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Kingston.
I require fast conveyancing in Kingston as I have pressure to sign on the dotted line in less than 3 weeks. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not taking a home loan you are at liberty not to do searches although no solicitor would recommend that you don't. With lots of history conveyancing in Kingston the following are examples of issues that can arise and adversely impact future saleability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Railway Schemes,...
How does conveyancing in Kingston differ for new build properties?
Most buyers of new build property in Kingston approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Kingston typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kingston or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Kingston is the location of the property. Can you offer any opinion?
Flying freeholds in Kingston are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingston you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingston may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am a negotiator for a reputable estate agent office in Kingston where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Kingston conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Kingston Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
-
It would be prudent to discover as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other people whether they are happy with them. In conclusion, be sure you know the dates that the maintenance fees are due to the managing agents and specifically what you get for your money. The answer will be useful as a) areas can result in problems for the block as the communal areas may start to deteriorate where services remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to know about it Please note if it is no more than eighty years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be entitled to carry out a lease extension.