My partner and I swapping mortgage lender for our flat in Oakhill with UBS. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose 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 forfeited by the lender. I have two concerns (1) Is this document specific to the UBS conveyancing panel as he never had to sign this form when we bought 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 UBS 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 UBS. This is solely used to protect UBS 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 UBS 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.
How does conveyancing in Oakhill differ for new build properties?
Most buyers of new build property in Oakhill come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Oakhill typically acquire the site, 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 property lawyers 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 used to new build conveyancing in Oakhill or who has acted in the same development.
My husband and I are 17 days into a residential purchase having been recommend to solicitors by the local agent to perform conveyancing in Oakhill. We are not happy. Could you help me find new solicitors?
They would need to be very bad in order to consider changing them. Has your mortgage offer been sent? In the event that it has you need to advise them of the replacement solicitor and ensure the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the banks approved list to avoid escalating costs and complications. So that should be your first question of the new conveyancers. The find a solicitor tool will assist you in finding a bank approved lawyer for your home move in Oakhill
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Oakhill. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Oakhill are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Oakhill so you should seriously consider looking for a Oakhill conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am the proprietor of a first floor flat in Oakhill. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable 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 Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the price payable.
An example of a Freehold Enfranchisement case for a Oakhill premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired lease term was 69.26 years.
My son is embarking on her first house purchase, the home loan was agreed last week in principle. One the offer was accepted on house we rang the bank to progress the mortgage application. We were very surprised to learn that mortgage lenders do not accept all property lawyer, they need to be on their approved list, is this correct?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Oakhill lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.