My wife and I changing mortgage lender for our apartment in North End with Principality. We have a son 18 who lives at home. 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 a couple of concerns (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his rights 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.
Is there a reason why leasehold purchase conveyancing in North End costs more?
In summary, leasehold conveyancing in North End and Hampshire usually necessitates additional hours of investigation compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord concerning the service of required notices, securing current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We wanted to use a conveyancing solicitor in North End for our home move. Our financial adviser has since advised us that our mortgage company Santander won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most banks had a different appetite for risk. Almost all North End conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many North End conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. North End is amongst the many locations where the conveyancers we list are members of the panel for Santander.
About to purchase a new build apartment in North End. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in North End
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
My husband and I may need to sub-let our North End ground floor flat temporarily due to a career opportunity. We used a North End conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous North End conveyancing lawyer is not available you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent via your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in North End. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension matter before the tribunal for a North End flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired residue of the current lease was 76 years.
I'm remortgaging a flat in North End. I can find my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name on the list. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unqualified staff.