My partner and I are refinancing our penthouse in Pitsea with Kent Reliance. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Kent Reliance conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
We're in Pitsea, First timers purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
About to purchase a new build flat in Pitsea. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Pitsea
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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. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
My brother has suggested that I use his lawyers for conveyancing in Pitsea. Do I take his advice?
No doubt it’s preferable to select a conveyancing solicitor is to have guidance from friends or family who have previously instructed the solicitor that you are considering.
When it comes to leasehold conveyancing in Pitsea what are the most frequent lease defects?
Leasehold conveyancing in Pitsea is not unique. Most leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the premises
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Pitsea Leasehold Conveyancing - Examples of Queries before buying
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What is the name of the managing agents? The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this arrangement the tenants have being in charge if their destiny and even though a managing agent is often retained where it is larger than a house conversion, the managing agent employed by the leaseholders. Its a good idea to find out as much as possible regarding the managing agents as they will either make your living at the property much simpler or much more difficult. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily matters like the tidiness of the common parts. Ask prospective neighbours what they think of their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the relevant party and precisely what you get for your money.
We own a leasehold flat in Pitsea. Conveyancing was finished in last year. I have heard that I should not let the lease length fall too short. Why is that a problem?
Pitsea residential long term leases are for a set period - normally ninety nine years when they commenced. However many appartments in Pitsea were built or converted 30 or more years ago and so these leases now have fewer than 80 years remaining. That may seem like plenty of time but Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of seventy five years remaining to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing seventy five years. To increase the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. Furthermore strong financial reasons to doing so before the lease hits eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.