My partner and I changing mortgage lender for our penthouse in Southwark with Bank of Ireland. We have a son 19 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. 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 a couple of questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this extinguish his entitlement 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 need some fast conveyancing in Southwark as I am under an ultimatum to complete within 3 weeks. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to do searches although no law firm would advise that you don't. Drawing on our experience of conveyancing in Southwark the following are examples of what can arise and adversely affect future saleability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Southwark I like with amenity areas and railway links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Southwark suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Is it possible to swap conveyancer as I have to retain a firm on the National Westminster Bank conveyancing list. I instructed a high street conveyancing solicitor in Southwark five minutes from me but she is not approved by National Westminster Bank
It would be our pleasure to help you find a conveyancing solicitor in Southwark on the National Westminster Bank panel. Please note that the law firms that we on the directory do not pay us commission if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Southwark. In utilising the find a conveyancing solicitor tool on this page, you can contrast charges for conveyancing solicitors in Southwark and beyond.
I am using a search engine for the phrase cheap conveyancing in Southwark it shows results of numerous property lawyersin the area. With so much choice what is the best way to find the right property lawyer for me?
The preferential method of finding the right conveyancer is through a trusted testimonial, so ask colleagues and those you trust who have bought a property in Southwark or the reputable estate agent or mortgage broker. Fees for conveyancing in Southwark differ, so it's a good idea to secure a minimum of four costs illustrations from different property lawyers. Dont forget to clarify that the costs are assured not to to be inflated.
My wife and I purchased a leasehold flat in Southwark. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Southwark who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Southwark conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have given up trying to purchase the freehold in Southwark. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Southwark residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term was 107 years.