My partner and I swapping mortgage lender for our penthouse in Cudham with Principality. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Principality 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 Principality. This is solely used to protect Principality 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 Principality 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 had intended to instruct a property lawyer in Cudham for our house move. Our broker informed us that our mortgage company Virgin Money won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most mortgage companies had a different appetite for risk. Almost all Cudham conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Cudham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Cudham is amongst the hundreds of locations where the solicitors showing on our search results are members of the panel for Virgin Money.
Just had an offer accepted on a new build flat in Cudham. Conveyancing is daunting 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 legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cudham
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Cudham is the location of the property. Is there any advice you can give?
Flying freeholds in Cudham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cudham you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cudham 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.
Am I better off to appoint a Cudham conveyancing lawyer who is local to the property I am hoping to buy? I have an old university friend who can conduct the conveyancing but they are based 400miles drive away.
The primary upside of using a high street Cudham conveyancing practice is that you can visit the firm to execute documents, present your ID and apply pressure on them if necessary. Having local Cudham know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that should surpass using an unknown Cudham conveyancing solicitor just because they are local.
I own a leasehold flat in Cudham. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Cudham who acted for me is not around. What should I do?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Cudham conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Cudham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Cudham conveyancing firm who can help.
An example of a Lease Extension case for a Cudham property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The remaining number of years on the lease was 50.57 years.