My partner and I swapping mortgage lender for our penthouse in Osidge with HSBC. 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, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the HSBC conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his entitlement 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
My apartment in Osidge is up for sale and I have a purchaser. Does the solicitor need to be on the RBS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
I require quick conveyancing in Osidge as I am under a deadline to exchange contracts inside one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are not obtaining a home loan you have the choice not to have searches carried out although no solicitor would recommend that you don't. With plenty of history conveyancing in Osidge the following are instances of issues that can arise and adversely affect future mortgageability: Enforcement Actions, Outstanding Charges, Overdue Grants, Railway Schemes,...
How does conveyancing in Osidge differ for new build properties?
Most buyers of new build or newly converted property in Osidge come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because builders in Osidge tend to buy 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 conveyancing solicitors 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 Osidge or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Osidge is where the house is located. Is there any advice you can give?
Flying freeholds in Osidge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Osidge you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Osidge may decide 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 inherited a second floor flat in Osidge. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Most definitely. We can put you in touch with a Osidge conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Osidge residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The remaining number of years on the lease was 70.31 years.
Are there frequently found defects that you witness in leases for Osidge properties?
There is nothing unique about leasehold conveyancing in Osidge. Most leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
A provision to repair to or maintain elements of the premises
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Virgin Money, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.