My husband and I changing mortgage lender for our penthouse in Chingford with Lloyds. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the Lloyds conveyancing panel as he did not need to sign this form when we purchased 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 Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 is the difference between a licensed conveyancer and conveyancing solicitor in Chingford
There are two types of lawyers who can execute conveyancing in Chingford namely licenced conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the disposal or acquisition of property. Both are obliged to handle Chingford conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be professionally carried out and that all necessary steps should be accurately attended to.
I am assisting my mother sell her flat in Chingford. Does the conveyancer order an energy performance certificate or it is for the seller to coordinate?
After the demise of Home Packs, energy performance certificates remained a required part of moving house. An energy assessment should be commissioned in advance of the property being advertised. It is not as aspect of the sale process that lawyers ordinarily organise. Where you are instructing a Chingford conveyancing practitioner they might be able to arrange energy performance certificates due to their contacts with long established local providers
When it comes to mortgage companies such as Nottingham, do Chingford conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I own a 4 bedroom Edwardian house in Chingford. Conveyancing solicitor acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You should 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Chingford and other locations in 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 question the position with the conveyancing solicitor who carried out the work.
Just had an offer accepted on a new build flat in Chingford. 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 is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Chingford
Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I decided to have a survey completed on a house in Chingford before appointing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not give a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chingford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chingford to see if the conveyancing will be more expensive.
Me and my wife are expecting to exchange buying a property in Chingford but as a consequence of wreckage from the recent storms I have negotiated compensation from the seller of five thousand pounds taking the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but the bank will not permit this. Should they have been involved?
Your property lawyer listed on a bank approved list is obliged to inform the lender of any variations to the sale amount. In the event that you did not allow your lawyer to notify the reduction to your mortgage company then they would have no choice but to discontinue acting for you and the lender.