My wife and I swapping mortgage lender for our flat in Goodmayes with Kent Reliance. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he never had 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 Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
About to place a bid on a leasehold apartment in Goodmayes. The selling agents say that it is the norm for flats in Goodmayes to have less than 75 years remaining. I am taking out a mortgage with Virgin. Is this going to be acceptable if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/2/2019 the requirements read as follows :
Me and my brother own a renovated Georgian property in Goodmayes. Conveyancing practitioner acted for me and Chelsea Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching property. Is it worth asking Chelsea Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Goodmayes and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing practitioner who conducted the conveyancing.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Goodmayes I like with a park and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Goodmayes for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My step-father has recommend that I instruct his conveyancers in Goodmayes. Should I choose my own conveyancer?
No doubt the best way to find a conveyancing lawyer is to seek recommendations from friends or family who have actually experience in using the conveyancer that you are contemplating using.