My wife and I swapping mortgage lender for our penthouse in Bulls Cross with Barclays. We have a son 18 who lives with us. 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 apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
I have Fifty Six years remaining on my lease and require a lease extension for my apartment in Bulls Cross. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/9/2021 the requirements read as follows :
How does conveyancing in Bulls Cross differ for new build properties?
Most buyers of new build premises in Bulls Cross come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Bulls Cross typically buy the land, 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 Bulls Cross or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Bulls Cross before instructing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks tend not grant a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bulls Cross. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bulls Cross to see if the conveyancing costs will increase in light of this.
I am 14 days into a leasehold purchase having been directed to solicitors by the high street agent to carry out the conveyancing in Bulls Cross. I am am extremely dissatisfied with the quality of service. Could you you assist me in finding new conveyancers?
They would need to be really poor to suggest diss instructing them. Has the mortgage been issued? If so you must inform them of the new contact details and get the loan are issued to the new lawyers. Your solicitor ideally needs to be on the mortgage company panel to avoid supplemental expenses and delays. So that should be your first question of the new lawyers. The search tool can help you find a bank approved solicitor for your home move in Bulls Cross
Last May I purchased a leasehold flat in Bulls Cross. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in trying to purchase the freehold in Bulls Cross. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Lease Extension decision for a Bulls Cross property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The unexpired residue of the current lease was 81.79 years.