My fiance and I changing mortgage lender for our maisonette in East Dulwich with Co-operative. 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 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 Co-operative conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights 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.
At what point does exchange of contracts occur in sale conveyancing in East Dulwich and am I required to attend the lawyers office?
If you are round the corner to one of the conveyancing solicitors in East Dulwich you are invited in to sign contracts. However, the law practices we recommend provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you digitally. The executing of the sale agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in East Dulwich)to be in the office at the appropriate time.
How does conveyancing in East Dulwich differ for new build properties?
Most buyers of new build property in East Dulwich approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in East Dulwich usually acquire 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 East Dulwich or who has acted in the same development.
I need to instruct a conveyancing solicitor for some conveyancing in East Dulwich. I happened to stumble across a web site which seems to have the perfect solution If it is possible to get all this stuff completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any advice for leasehold conveyancing in East Dulwich with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Dulwich can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unsettled. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a lengthy process and delays many a East Dulwich conveyancing deal. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity. Many freeholders or Management Companies in East Dulwich charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in East Dulwich.
I own a basement flat in East Dulwich. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a East Dulwich flat is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The remaining number of years on the lease was 61.81 years.