My husband and I are refinancing our maisonette in Maida Hill with Coventry BS. We have a son approaching twenty who lives with us. 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 property is forfeited by the lender. I have two concerns (1) Is this form unique to the Coventry BS 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 Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
At what point does exchange of contracts happen for purchase conveyancing in Maida Hill and do I need to attend the conveyancers branch?
Where you are round the corner to one of the conveyancing solicitors in Maida Hill you are welcome to come in to sign the paperwork. That being said, the firms we work with offer countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you electronically. The executing of the contract is not the point of no return. A signed contract is just a prerequisite for the conveyancer to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Maida Hill)to be in the office at the appropriate time.
How does conveyancing in Maida Hill differ for newly converted properties?
Most buyers of new build premises in Maida Hill approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Maida Hill typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Maida Hill or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Maida Hill I like with open areas and transport links in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Maida Hill in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years may be an issue. Discount 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 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I've recently bought a leasehold property in Maida Hill. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Maida Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension case for a Maida Hill premises is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case related to 1 flat. The unexpired term as at the valuation date was 60 years.
Do online conveyancing companies do everything a high street Maida Hill solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Maida Hill?
Where you instruct an online conveyancer they will cover all the things your Maida Hill conveyancer would cover.