My fiance and I swapping mortgage lender for our flat in Colliers Wood with Lloyds. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Lloyds 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 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.
We're in Colliers Wood, FTBs buying with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A friend advised me that where I am buying in Colliers Wood I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Colliers Wood conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Colliers Wood around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Colliers Wood Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Colliers Wood.
Am I right to be concerned about brokers that I am dealing with are suggesting a national conveyancing firm rather than a local Colliers Wood conveyancing firm?
As with lots of service providers, often input from relatives can be worth their weight in gold. But there are many parties with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may put forward solicitors to retain. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You have the right to appoint your own conveyancer. Don't forget that most lenders operate an approved list of conveyancers you must use for the mortgage aspect of your transaction.
I am in need of some leasehold conveyancing in Colliers Wood. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Colliers Wood - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Colliers Wood. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Colliers Wood conveyancing firm who can help.
An example of a Lease Extension decision for a Colliers Wood premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.
How much should conveyancing in Colliers Wood cost?
Almost all Colliers Wood conveyancing practices will charge a fixed fee. In the event that extra work becomes necessary during the transaction your conveyancer must inform you in writing of any additional fees for such work immediately it becomes apparent. Some work on a no sale no charge principle, others will charge a proportion of the set costs, calculated based on the point at which the transaction does not go ahead.
We would recommend that you obtain various conveyancers to send you a quotation.