My wife and I are refinancing our maisonette in Endon with RBS. 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
My husband and I are purchasing a 2 bedroom apartment in Endon with a residential mortgage from Aldermore.We like our Endon conveyancing lawyer but Aldermore advised that her practice is not on their "panel". We have to appoint a Aldermore panel lawyer or retain our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan issued to you is subject to its terms and conditions, a common one being that lawyers needs to be on the Aldermore solicitor panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Aldermore
About to purchase a new build apartment in Endon. Conveyancing is necessary evil 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.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Endon
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Endon I like with amenity areas and railway links nearby, however it only has 61 remaining years left on the lease. There is not much else in Endon for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I need to retain a conveyancing solicitor for leasehold conveyancing in Endon. I have chance upon a web site which appears to be the ideal solution If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a long established estate agency in Endon where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Endon conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Endon Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
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You will want to find out as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the communal areas. You should not be shy to ask other people what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. How many years are left on the lease? How much is the service charge and ground rent on the property?