My wife and I swapping mortgage lender for our penthouse in Datchet with TSB. 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. 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 a couple of concerns (1) Is this document specific to the TSB conveyancing panel as he did not need to sign this form when we bought 5 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 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.
Just had an offer accepted on a new build flat in Datchet. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Datchet
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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Due to the advice of my in-laws I had a survey completed on a property in Datchet before retaining solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some lenders may not give a loan on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Datchet. Conveyancing will be smoother if you use a solicitor in Datchet especially if they are accustomed to such properties in Datchet.
I have just appointed agents to market my ground floor flat in Datchet. Conveyancing solicitors are to be appointed soon, however I have recently had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as you normally would because all rents and service payments will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Datchet Leasehold Conveyancing - A selection of Queries Prior to Purchasing
Please note that where the lease has no more than eighty years it will affect the marketability of the property. Check with your mortgage company that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth finding out how much this would cost. For most Datchetlease extensions you would need to own the premises for 24 months in order to be entitled to exercise a lease extension. Are any of leasehold owners in dispute over their service charge payments? Who takes charge for maintaining and repairing the block?
Our lawyer in Datchet has informed me that he requires personal identification documents stating that this is part of his obligations as a conveyancer on the mortgage company Conveyancing panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Datchet conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements