My husband and I swapping mortgage lender for our flat in Woodford with TSB. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 apartment is repossessed. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
When will exchange of contracts occur in domestic conveyancing in Woodford and am I required to attend the conveyancers branch?
If you are near to one of the conveyancing solicitors in Woodford you are invited in to sign contracts. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. A signed contract simply enables the firm to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Woodford)to be in the office at the appropriate time.
How does conveyancing in Woodford differ for newly converted properties?
Most buyers of new build or newly converted property in Woodford come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because builders in Woodford typically buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Woodford or who has acted in the same development.
Am I right to be suspicious by brokers that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Woodford conveyancing practice?
As with many service providers, often input from relatives can be worth their weight in gold. But there are many people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward solicitors to select. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the recommendation. You are free to select your own conveyancer. Don't forget that the majority of mortgage providers specify a panel list of lawyers you are obliged to use for the mortgage aspect of your transaction.
We are four weeks into a leasehold purchase having been recommend to a firm by the high street agent to perform conveyancing in Woodford. I am not happy. Could you you assist me in finding new conveyancers?
A lawyer would need to be really poor to suggest diss instructing them. Has the mortgage offer been issued? In the event that it has you need to advise them of the new conveyancer and have the loan are re-issued. The solicitor ideally needs to be on the banks approved list to avoid supplemental costs and frustration. So that should be your starting point. The search tool can help you find a bank approved lawyer for your home move in Woodford
Back In 2006, I bought a leasehold flat in Woodford. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Woodford who previously acted has long since retired. Do I pay?
First contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Woodford conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Woodford. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Woodford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Woodford flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The number of years remaining on the existing lease(s) was 69.26 years.