My wife and I are refinancing our apartment in Homerton with HSBC. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 property is repossessed. I have two questions (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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 Homerton
There are many registered licenced Conveyancers in Homerton and Solicitor partnerships in Homerton who can assist with your conveyancing We would stress that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am assisting my sister sell her property in Homerton. Will the conveyancer commission the EPC or should I organise this?
Following the demise of Home Packs, energy performance certificates was maintained a compulsory part of selling a property. An energy assessment must be commissioned in advance of the property being put on the market. This is not something that law firms ordinarily arrange. If you are using a Homerton conveyancing practitioner they might be willing to arrange energy assessments given their relationships with reputable Homerton providers
I am due to exchange contracts on my flat. I had a double glazing fitted in June 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nottingham are being difficult. The Homerton solicitor who is on the Nottingham conveyancing panel is saying indemnity insurance will be fine but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should my lawyer be making enquiries regarding flooding as part of the conveyancing in Homerton.
Flooding is a growing risk for conveyancers dealing with homes in Homerton. Plenty of people will acquire a house in Homerton, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Homerton. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to determine if the property has suffered from flooding. In the event that the premises has been flooded in past which is not disclosed by the seller, then a purchaser may issue a legal claim for losses stemming from an incorrect answer. A buyer’s lawyers should also conduct an enviro report. This should disclose whether there is any known flood risk. If so, additional investigations should be carried out.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Homerton I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Homerton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Homerton and how can your lawyers assist?
The 1954 Act gives protection to business leaseholders, giving them the legal entitlement to make a request to court for a renewal lease and continue in occupation at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Homerton is one of the hundreds of locations in which our lawyers have offices
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Homerton. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Homerton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Homerton in which case you should be shopping around for a Homerton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Homerton conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a Homerton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Homerton property is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The unexpired residue of the current lease was 71.25 years.