My partner and I are buying property in New Forest. My property lawyer is not listed on the lender solicitor list. Can I still continue with my New Forest conveyancing solicitor notwithstanding that they are not on the lender panel of approved conveyancing solicitors?
You must instruct a property lawyer to deal with the legal work required if you need a loan to buy your property. The lawyer will carry out all the essential due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. One could appoint a New Forest conveyancer of your choosing. Nevertheless, where the lawyer appointed is not a member of the mortgage company solicitor panel further costs will be incurred as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so provided your conveyancer has not historically sought membership they should take the opportunity to apply.
My husband and I intend to remortgage our apartment in New Forest with TSB. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is repossessed. I have two questions (1) Is this document specific to the TSB conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in New Forest I like with a park and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in New Forest suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Can you provide any top tips for leasehold conveyancing in New Forest from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in New Forest can be reduced where 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 buyers’ solicitors. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is better to present the dispute as historic rather than unresolved. A minority of New Forest leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
Leasehold Conveyancing in New Forest - A selection of Queries Prior to buying
This question is helpful as a) areas may result in problems in the block as the common areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the managing agents you will want to know about it It is important to be aware if changing the roof or some other significant cost is coming up that will be shared amongst the leaseholders and could well dramatically impact the level of the service charges or require a specific invoice. Can you inform me if there are any major works anticipated that will increase the maintenance fees?
Me and myhusband and I are are looking to find an affordable conveyancing solicitor in New Forest to help me sell my apartment. I really don't want to get ripped off and there are plenty New Forest conveyancing organisations to choose from...how do I know which one is best to appoint?
If you’ve never used a conveyancer before, a personal recommendation via relatives or friends is a preferable starting point and is often the best indicator of quality. Alternatively, view the Law Society’s regional directory of lawyers in New Forest or make use of our search tool to choose a conveyancing solicitor in New Forest.