My wife and I are refinancing our flat in Kensal Rise with Nottingham. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
When it comes to mortgage companies such as Bank of Ireland, do Kensal Rise solicitors have to pay an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Kensal Rise conveyancing lawyers have been instructed. What is the average time that one could expect to receive a mortgage offer from Nationwide?
Some lenders take longer than others. Have Nationwide conducted the survey? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with TSB for my property in Kensal Rise. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention before letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
How does conveyancing in Kensal Rise differ for new build properties?
Most buyers of new build premises in Kensal Rise come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because builders in Kensal Rise typically purchase 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 Kensal Rise or who has acted in the same development.
In my capacity as executor for the will of my grandmother I am disposing of a property in Monmouth but reside in Kensal Rise. My lawyer (who is 260 miles awayrequires that I sign a stat dec prior to completion. Could you suggest a conveyancing lawyer in Kensal Rise to attest this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are based in Kensal Rise
Looking forward to exchange soon on a leasehold property in Kensal Rise. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kensal Rise should include some of the following:
Repair and maintenance of the property Setting out your legal entitlements in relation to the communal areas in the block.For example, does the lease grant a right of way over a path or staircase? You should be informed what counts as a Nuisance in the lease Advice concerning the obligations in the lease to pay service charges - in relation to the building, and the more general rights a tenant enjoys
I inherited a second floor flat in Kensal Rise. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to calculate the price.
An example of a Lease Extension decision for a Kensal Rise residence is 85A Chevening Road in August 2013. the Tribunals conclusions resulted in a payment of a premium for the new lease in the sum of £11,211 This case affected 1 flat. The unexpired lease term was 84.34 years.