My partner and I are refinancing our flat in New Malden with Clydesdale. We have a son 18 who lives with us. 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 forfeited by the lender. I have a couple of questions (1) Is this document specific to the Clydesdale conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
Completed the sale of my flat in New Malden last August yet the purchaser is whats apping every few hours to moan that their conveyancer is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your conveyancer is committed to deliver the transfer documentation and all additional paperwork to the buyer’s lawyers. If applicable, your lawyer must also evidence that the mortgage has been repaid to the buyers lawyers. There is unlikely to be post completion procedures specific conveyancing in New Malden.
Two weeks ago we had a mortgage agreed in principle with UBS. New Malden conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS done the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my New Malden building society branch on various occasions and was advised it wasn't a problem and they will lend. My New Malden conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
The lawyer must comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Co-operative have agreed my home loan in principle, my offer on a apartment in New Malden has been agreed to, what happens next?
The estate agent will want to be advised as to your lawyer's details (ensure that the solicitors are on the bank’s approved list). Call up Co-operative or the broker and finalise any appropriate paperwork. Co-operative will instruct a valuer who will get in contact with the selling agent or owners to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Co-operative will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in New Malden.
I am looking for a flat up to £305k and identified one near me in New Malden I like with a park and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in New Malden in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
As co-executor for the estate of my uncle I am disposing of a residence in Cardiff but reside in New Malden. My conveyancer (who is 200 miles from mehas requested that I sign a stat dec prior to completion. Could you suggest a conveyancing practitioner in New Malden who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are New Malden based
I am employed by a long established estate agency in New Malden where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local New Malden conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 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 at the same time as completion of the sale.
An alternative approach is 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 purchaser.
My wife and I have hit a brick wall in seeking a lease extension in New Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a New Malden conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a New Malden residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.