My fiance and I changing mortgage lender for our penthouse in Streatham with Nationwide. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form 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 Nationwide 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 Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
My stepmother informed me that in purchasing a property in Streatham there may be a number of restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Streatham which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Streatham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is there a list of Aldermore panel conveyancers in Streatham on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings open the public over the internet. Where you are looking for a Streatham lawyer on the Aldermore please make the most of our tool.
I have decided to exercise my right to buy my property in Streatham off the council. I have a mortgage offer with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
Due to the encouragement of my in-laws I had a survey completed on a house in Streatham before retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will refuse to give a loan on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Streatham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Streatham to see if the conveyancing will be more expensive.
I am employed by a long established estate agent office in Streatham where we have witnessed a number of flat sales put at risk due to short leases. I have received conflicting advice from local Streatham conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Streatham. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension decision for a Streatham flat is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case was in relation to 1 flat. The unexpired term as at the valuation date was 23.25 years.
Do online conveyancing organisations undertake everything a high street Streatham solicitor does or must I retain a solicitor for the final stages for my conveyancing in Streatham?
Where you use an online conveyancer they should cover all the work your Streatham conveyancer will cover.