My wife and I intend to remortgage our apartment in London with Skipton. We have a son 18 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 apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Skipton conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
Do I have to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London so that I can pop in to their offices when needed.
Nowadays approved lawyers for banks carry out the vast majority of work through the post, internet or over the phone. This means that they can undertake the conveyancing transaction regardless of where you live in England or Wales. That being said you can see if you have the option of attending the offices of your conveyancing lawyer if needed.
How does conveyancing in London differ for newly converted properties?
Most buyers of new build property in London contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because developers in London tend to 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 London or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in London ahead of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may refuse to issue a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in London. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been sourcing a conveyancing solicitor in London for my home move. Is it possible to see a solicitor's complaints history with the profession’s regulator?
You may see presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could recorded call for training purposes.
I am the proprietor of a ground floor flat in London. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
You certainly can. We are happy to put you in touch with a London conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a London premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired lease term was 73.26 years.
Are there frequently found defects that you come across in leases for London properties?
There is nothing unique about leasehold conveyancing in London. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain parts of the property Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.