My partner and I intend to remortgage our apartment in West Smithfield with Bank of Ireland. We have a son 19 who lives with us. 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 document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 5 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 Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
Are there restrictive covenants that are commonly identified as part of conveyancing in West Smithfield?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in West Smithfield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in West Smithfield benefiting from help to buy. The sellers refused to move on the price so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my conveyancer about the deal as it could impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be wary that estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local West Smithfield conveyancing firm?
As with many service providers, often input from family and friends can be worth their weight in gold. Yet there are lots of people with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders might all recommend solicitors to choose. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the endorsement. You are free to choose your own lawyer. You need to be aware that some lenders specify a panel list of law firms you are obliged to use for the lender related work in your conveyancing.
My uncle has suggested that I appoint his lawyers for conveyancing in West Smithfield. Do I take his advice?
Much as we are happy to recommend a West Smithfield conveyancing lawyer the best way to find a conveyancing lawyer is to seek recommendations from friends or family who have actually experience in using the solicitor that you are are thinking of instructing.
Estate agents have just been given the go-ahead to market my basement apartment in West Smithfield. Conveyancing is yet to be initiated, but I have recently received a quarterly service charge demand – Do I pay up?
It best that you discharge the service charge as you normally would because all ground rent and maintenance payments will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a West Smithfield conveyancing firm to help?
Absolutely. We can put you in touch with a West Smithfield conveyancing firm who can help.
An example of a Lease Extension decision for a West Smithfield residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired residue of the current lease was 66.8 years.