My partner and I swapping mortgage lender for our flat in Wanstead with Bank of Ireland. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Bank of Ireland 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 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.
Why do I have to pay up front when it comes to conveyancing in Wanstead?
Where you are retaining lawyers for conveyancing in Wanstead your lawyer will ask you place them with monies to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the total price then this will be asked for immediately prior to contracts are exchanged. The final balance that is needed should be transferred a couple of days ahead of the day of completion.
How does conveyancing in Wanstead differ for new build properties?
Most buyers of new build premises in Wanstead contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Wanstead usually acquire the real estate, 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 Wanstead or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Wanstead is where the house is located. Is there any guidance you can give?
Flying freeholds in Wanstead are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wanstead you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wanstead may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My husband and I are 18 days into a freehold purchase having been directed to conveyancers by the local agent to carry out the conveyancing in Wanstead. We are not happy. Can you help me find new lawyers?
They would need to be really bad to suggest replacing them. Has the mortgage been issued? If so you must inform them of the new contact details and have the mortgage documents are issued to the new lawyers. The conveyancer should be on the lenders panel to avoid escalating charges and frustration. That should be your first question of the new lawyers. Our search tool will assist you in finding a lender approved conveyancer for your home move in Wanstead
I am attracted to a two apartments in Wanstead which have in the region of forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Wanstead is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wanstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a first floor flat in Wanstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a Wanstead conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Wanstead residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The remaining number of years on the lease was 73.92 years.