My fiance and I intend to remortgage our penthouse in Upper Clapton with Leeds Building Society. We have a son 18 who lives with us. 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 forfeited by the lender. I have a couple of questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 wish to acquire a purpose built apartment in Upper Clapton with a residential mortgage from Barnsley Building Society.We have a Upper Clapton conveyancing practitioner but Barnsley Building Society informed us his firm is not listed on their "panel". We have to appoint a Barnsley Building Society panel solicitor or retain our preferred solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its various provisions, a common one being that conveyancers must be on the Barnsley Building Society solicitor panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barnsley Building Society
The estate agent has sent us the confirmation of our purchase of a new build apartment in Upper Clapton. Conveyancing is daunting 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 few leasehold new build questions that you may expect your new-build leasehold conveyancing in Upper Clapton
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There must be mutual enforceability of lessee’s covenants. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey done on a house in Upper Clapton before appointing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Upper Clapton. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for purchase conveyancing in Upper Clapton. I happened to stumble across a site which looks to be the perfect answer If there is a chance to get all formalities completed via email that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you offer any advice when it comes to finding a Upper Clapton conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Upper Clapton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Upper Clapton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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What are the legal fees for lease extension conveyancing?
We have reached the end of our tether in trying to purchase the freehold in Upper Clapton. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the price.
An example of a Lease Extension case for a Upper Clapton flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired residue of the current lease was 59 years.