My fiance and I are refinancing our flat in Salcombe with TSB. We have a son 18 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, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the TSB conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
I have been told that property searches are a common cause of stalling in Salcombe house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Salcombe.
Just bought a terraced house in Salcombe , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Salcombe conveyancing solicitor works at snail pace, so I want to check the land registry aspects are addressed.
As far as conveyancing in Salcombe is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can adjust depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. As of today in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Registration is effected after the new owner has moved in to the premises thus an expedited registration is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Salcombe and how can you help?
The 1954 Act provides security of tenure to commercial tenants, giving them the right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in Salcombe
There are only Fifty years left on my lease in Salcombe. I need to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the freeholder. On the whole a specialist should be useful to try and locate and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Salcombe.
Salcombe Leasehold Conveyancing - Examples of Queries Prior to buying
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Plenty Salcombe leasehold flats will be liable to pay a service charge for maintenance of the block set by the management company. Should you acquire the apartment you will have to meet this charge, normally quarterly accross the year. This may vary from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay yearly, this is usually not a large figure, say around £50-£100 but you need to check as on occasion it could be many hundreds of pounds. The answer will be helpful as a) areas can cause problems for the building as the common areas may begin to deteriorate where services are not paid for b) if the leaseholders have an issue with the running of the building you will need to know about it Can you inform me if there are any major works on the horizon that will add a premium to the maintenance costs?
Why can I not complete our conveyancing in Salcombe on Good Friday?
Because on completion the funds needs to pass between the banks of the buyer and owner’s lawyer and currently this can only occur on a business day. It is not possible to complete on a saturday or sunday either.