I am hoping to receive a mortgage with Santander. I would like to retain the legal services of a Licensed Conveyancer in Kennington. Does the Santander Solicitor panel exclude Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My wife and I are refinancing our apartment in Kennington with Coventry BS. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Coventry BS conveyancing panel as he never had 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?
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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Will lawyers request money up-front for conveyancing in Kennington?
Where you are retaining lawyers for conveyancing in Kennington your lawyer will request that you to provide them with monies to cover the search fees. Ordinarily this is called for to cover the fees of the conveyancing searches. When the deposit is as part of the total price then this should be asked for shortly in advance of exchange of contracts. The closing balance that is needed will be payable a few days ahead of the completion date.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a local conveyancing solicitor in Kennington?
Do check but the the likelihood is that allocate you one of their panel conveyancers where you want the "fee-free" offer. Call the mortgage company to see if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in Kennington.
I am tempted by the attractive purchase price for a two apartments in Kennington both have in the region of 50 years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Kennington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kennington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Kennington conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a Kennington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Kennington premises is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case related to 1 flat. The unexpired lease term was 74.77 years.