My partner and I changing mortgage lender for our penthouse in Hoddesdon with Bank of Ireland. 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 forfeited by the lender. I have two concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
I purchased a freehold residence in Hoddesdon but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Hoddesdon and has limited impact for conveyancing in Hoddesdon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Just had an offer accepted on a new build apartment in Hoddesdon. Conveyancing is daunting 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 are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hoddesdon
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Hoddesdon before retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hoddesdon. Conveyancing will be smoother if you use a solicitor in Hoddesdon especially if they are familiar with such properties in Hoddesdon.
In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Hoddesdon and how can your lawyers assist?
The 1954 Act affords protection to business leaseholders, giving them the right to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Hoddesdon