My partner and I intend to remortgage our apartment in Tottenham Hale with Barclays. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults 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 two concerns (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
Should our solicitor be raising enquiries about flooding as part of the conveyancing in Tottenham Hale.
Flooding is a growing risk for solicitors dealing with homes in Tottenham Hale. Plenty of people will acquire a property in Tottenham Hale, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Tottenham Hale. The standard property information forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out whether the property has historically flooded. In the event that the residence has been flooded in past which is not revealed by the owner, then a purchaser could bring a compensation claim as a result of such an misleading reply. A purchaser’s conveyancers will also order an enviro report. This will reveal if there is a recorded flood risk. If so, additional investigations will need to be carried out.
The deeds to my property are lost. The solicitors who did the conveyancing in Tottenham Hale 5 years ago no longer exist. Will I be able to sell the house?
These day there are copies made of almost everything, and your conveyancer will know exactly where to find all the appropriate documentation so you can purchase or dispose of your property without any difficulty. If copies can’t be found, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on your premises.
How does conveyancing in Tottenham Hale differ for new build properties?
Most buyers of new build or newly converted property in Tottenham Hale approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Tottenham Hale typically acquire 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 used to new build conveyancing in Tottenham Hale or who has acted in the same development.
Do you have any top tips for leasehold conveyancing in Tottenham Hale with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Tottenham Hale can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. Some Tottenham Hale leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Tottenham Hale leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the consents in place you should not contact the landlord without checking with your solicitor in the first instance. If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Tottenham Hale conveyancing firm to act on my behalf?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price payable.
An example of a Freehold Enfranchisement decision for a Tottenham Hale premises is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case related to 2 flats. The unexpired lease term was 74.13 years.
Is there a distinction between surveying and conveyancing in Tottenham Hale?
Conveyancing - in Tottenham Hale or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re purchasing and will help you discover the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to fix the defects prior to you complete your move.