My fiance and I are refinancing our maisonette in Canning Town with Co-operative. We have a son approaching twenty 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. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Co-operative conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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 are getting the release of further funds on our home loan from Co-operative as we intend to carry out alterations to our home in Canning Town. Are we obliged to appoint a nearby Canning Town solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative do not ordinarily require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
The formalities of my remortgage has taken place for my property in Canning Town. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
After shopping around on the internet I have found a Canning Town conveyancing practitioner having made sure that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Canning Town surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am looking for a ground for flat up to £305k and identified one near me in Canning Town I like with open areas and transport links nearby, however it's only got 51 years on the lease. There is not much else in Canning Town in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Canning Town. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Canning Town ?
Most houses in Canning Town are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Canning Town so you should seriously consider looking for a Canning Town conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Canning Town. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or where there is disagreement 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 First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension decision for a Canning Town flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired term as at the valuation date was 69.77 years.
My wife and I accepted an offer on a Canning Town flat left to us 5 years ago in 2010. I have over a decades worth of conveyancing know-how and, although retired, intend to carry out the conveyancing. The purchaser's solicitor has informed me that their bank will not allow you to do your own conveyancing mandating that the funds to be released via a solicitor's bank account.
Mortgage requirements to conveyancers from all CML members state that If the seller is not legally represented the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be made if they are willing to proceed.