My partner and I are refinancing our flat in West Hampstead with TSB. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we remortgaged 3 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 TSB 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 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.
At what point does exchange of contracts happen for sale conveyancing in West Hampstead and am I required to attend the lawyers branch?
Where you are near to our conveyancing solicitors in West Hampstead you are welcome to come in to sign contracts. However, the firms we work with provide a national conveyancing service and give just as diligent and professional a job for you when dealing with you electronically. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in West Hampstead)to be in the office available at the end of the phone to exchange contracts.
We are buying a house and the solicitor has mentioned Chancel Repair for which the house could be obligated to contribute to because it falls into the area of such a church. He has mentioned insurance. Is this strictly warranted for conveyancing in West Hampstead
Unless a prior acquisition of the premises took place after 12 October 2013 you could expect solicitors delivering conveyancing in West Hampstead to continue to advocate a chancel search and or chancel repair liability insurance.
About to purchase a new build apartment in West Hampstead. 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 legal work.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in West Hampstead
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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. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in West Hampstead I like with a park and station nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in West Hampstead for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
What is the reason for my property lawyer requiring numerous items of ID ahead of starting selling or purchasing a property in West Hampstead?
West Hampstead conveyancers are obliged by the Law Society, Solicitors Regulation Authority, the Land Registry and current AML Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your bank where you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and date of birth.