My fiance and I intend to remortgage our maisonette in Oxted with Nottingham. We have a son 19 who lives with us. 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, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his rights 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
It is is a decade since I bought my property in Oxted. Conveyancing solicitors have recently been instructed on the sale but I am unable to find my deeds. Will this cause complications?
Don’t worry too much. Firstly the deeds may be with your mortgage company or they could be archived with the lawyers who oversaw the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Oxted relates to registered property but in the rare situation where your home is not registered it is more problematic but is not insurmountable.
How does conveyancing in Oxted differ for new build properties?
Most buyers of new build premises in Oxted come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Oxted usually acquire the real estate, 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 conveyancing solicitors 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 Oxted or who has acted in the same development.
I need to instruct a conveyancing practitioner in Oxted for my home move. Is there any facility to check a solicitor's record with the profession’s regulator?
Members of the public may review published Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator could monitor call for training requirements.
I am tempted by the attractive purchase price for a two maisonettes in Oxted both have about fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Oxted is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Oxted conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Oxted Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
-
Please inform me if there are any major works on the horizon that could add a premium to the service costs? Generally speaking the cost for major works are not wrapped into the service charges, albeit that some managing agents in Oxted require leasehold owners to contribute towards a reserve fund and this is used to offset against larger works. Plenty Oxted leasehold apartments will incur a service charge for maintenance of the block invoiced by the landlord. Should you acquire the apartment you will have to pay this contribution, usually in instalments accross the year. This could differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge for you to pay yearly, normally this is not a large sum, say about £25-£75 but you should to enquire as on occasion it can be surprisingly expensive.
Are you able to clarify the extent of conveyancing provided by Oxted conveyancing practices?
The majority of Oxted conveyancing organisations manage to handle various services to home and land proprietors, sellers, investors, freeholders and leaseholders including the following:
-
House sale conveyancing in Oxted and nationwide
Property purchase conveyancing in Oxted and beyond
Lifetime mortgages Leasehold conveyancing selling and buying Shariah Compliant Islamic Conveyancing Complex land law issues