My wife and I swapping mortgage lender for our penthouse in Bayswater with Bank of Ireland. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults 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 repossessed. I have two concerns (1) Is this form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise 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 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.
What can a local search reveal about the property we're purchasing in Bayswater?
Bayswater conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for instance PSG The local search is essential in every Bayswater conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Me and my brother purchased a renovated Georgian property in Bayswater. Conveyancing lawyer represented me and Barclays . I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bayswater and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing solicitor who conducted the purchase.
About to purchase a new build flat in Bayswater. 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 conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bayswater
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Bayswater is where the house is located. Can you offer any assistance?
Flying freeholds in Bayswater are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bayswater you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bayswater 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.
Frank (my husband) and I may need to rent out our Bayswater ground floor flat temporarily due to a career opportunity. We instructed a Bayswater conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Bayswater do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Bayswater. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Bayswater conveyancing firm who can help.
An example of a Lease Extension decision for a Bayswater flat is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The remaining number of years on the lease was 37.79 years.