My husband and I intend to remortgage our apartment in West Brompton with Skipton. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Skipton conveyancing panel as he never had 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 Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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 am purchasing a new build house in West Brompton with the aid of help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not inform my solicitor about this side-deal as it may jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, chain free conveyancing. West Brompton is the location of the property. Can you shed any light on this issue?
Flying freeholds in West Brompton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Brompton you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Brompton may decide 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 premises.
How do I search for a West Brompton solicitor on the Birmingham Midshires conveyancing panel? I am a keen cyclist and am happy to travel upto 25miles to meet the lawyer.
You can use the tool on this website. Please pick a lender and your location and you will see a number of West Brompton conveyancing lawyers based on proximity. We have detailed some West Brompton conveyancing firms towards the end of this page and you can ring them to check if they are on the Birmingham Midshires member panel
I am looking at a couple of apartments in West Brompton both have approximately forty five years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in West Brompton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 premises 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 West Brompton 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 am the leaseholder of a ground floor flat in West Brompton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the premium.
An example of a Freehold Enfranchisement decision for a West Brompton residence is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case related to 5 flats. The unexpired residue of the current lease was 38.98 years.
Can you clarify the scope of conveyancing undertaken by West Brompton conveyancing practices?
On the whole West Brompton conveyancing companies tend to provide a broad array of services to residential and rural land owners, sellers, first time buyers, landlords and leaseholders and you can expect them to do some of the following services:
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Residential sale conveyancing in West Brompton and nationwide
House purchase conveyancing in West Brompton and countrywide
Severance of joint tenancies Remortgaging including checking title details and obtaining the necessary searches to satisfy your mortgage company Transferring equity e.g. transfer of a share in a property Registering an unregistered property