My fiance and I intend to remortgage our penthouse in Broadway with Clydesdale. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Clydesdale conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his entitlement 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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 my conveyancer be asking questions about flooding as part of the conveyancing in Broadway.
Flooding is a growing risk for lawyers dealing with homes in Broadway. There are those who buy a house in Broadway, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or by their conveyancers which should give them a better understanding of the risks in Broadway. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a purchaser may issue a claim for damages resulting from an incorrect answer. A purchaser’s conveyancers will also commission an environmental search. This will reveal whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
About to purchase a new build flat in Broadway. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Broadway
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. 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. Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.
What are the frequently found defects that you witness in leases for Broadway properties?
Leasehold conveyancing in Broadway is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Broadway Leasehold Conveyancing - Examples of Queries before buying
How is the lease structured? In the main the outlay for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Broadway obliged leaseholders to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance.
Is it true that a Broadway conveyancing solicitor has court proceedings brought against them by clients for failing to conduct the right conveyancing searches?
Our attention has not be brought to such a Broadway conveyancing matter but according to a recent report, clients purchasing a house elsewhere in England successfully sued their property lawyer due to development plans to erect a wind farm failing to be identified in conveyancing searches.
If you are thinking of buying a home in Broadway It is essential that your solicitor purchase all Broadway conveyancing searches required making sure that you have relevant and current information ahead of acquiring a home in Broadway.