My wife and I intend to remortgage our penthouse in Pentonville with TSB. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we bought 4 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 TSB. This is solely used to protect TSB 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 TSB 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 visit the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Pentonville so that I can attend their offices if necessary.
Nowadays approved lawyers for lenders conduct their communications through Royal Mail, internet or over the phone. This means that they can undertake the conveyancing transaction regardless of where you live in England or Wales. However you can check if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
This question may be naive but I am unexperienced as a 1st time purchaser of a garden flat in Pentonville. Do I collect the keys to the premises on the completion date from my lawyer? If this is the case, I will use a local conveyancing solicitor in Pentonville?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's conveyancers, and once they have received this, you will be invited to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
We have agreed to purchase a house in Pentonville. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
As you are obtaining a mortgage with Yorkshire BS your lawyer must follow the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Yorkshire BS where a lease does not satisfy these requirements. The specifications relate to the installation of panels on properties countrywide and is not limited to Pentonville.
About to purchase apartment in Pentonville. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Pentonville conveyancer is on the Principality conveyancing panel.
3 months have elapsed since my purchase conveyancing in Pentonville concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Pentonville. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Pentonville
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I decided to have a survey carried out on a property in Pentonville ahead of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders may not give a loan on such a home.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pentonville. Conveyancing will be smoother if you use a solicitor in Pentonville especially if they are accustomed to such properties in Pentonville.