My fiance and I changing mortgage lender for our maisonette in Chesham Bois with Co-operative. 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 reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Co-operative 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?
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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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 been told by my lawyer that flying freehold insurance is needed on my purchase. What is the level of cover for Chesham Bois conveyancing?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Virgin Money. Conveyancing practitioners as opposed to members of the public take out such insurances.
I'm the sole recipient of my late mum's will and I have everything in my name now, including the house in Chesham Bois. The Chesham Bois property was put into my name in September. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in September. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Most mortgage companies would take a sensible view as this provision primarily exists to pick up on the purchase and immediately sell or the flipping of property.
I currently have a mortgage with Clydesdale for my property in Chesham Bois. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel lawyer.
I note that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a property in Chesham Bois? or I am told that there is historic law that could mean that owners of property residing in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this relevant for conveyancing in Chesham Bois?
Unless a previous purchase of the house took place post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Chesham Bois to remain encouraging a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Chesham Bois?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Chesham Bois. 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'm buying my first flat in Chesham Bois with a loan from Yorkshire Building Society. The sellers would not reduce the price so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my lawyer about this side-deal as it may impact my mortgage with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I only have Fifty years left on my flat in Chesham Bois. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. For most situations an enquiry agent may be helpful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Chesham Bois.
Chesham Bois Leasehold Conveyancing - Examples of Queries Prior to buying
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Are there any major works anticipated that will add a premium to the maintenance charges? Is the freehold reversion owned collectively by the tenants? What restrictions are there in the Chesham Bois Lease?