My fiance and I are refinancing our flat in Wapping with Virgin Money. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults 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 a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we purchased 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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 bid for a property was accepted at auction in Wapping. Conveyancing is needed. What are my next steps?
Given that you are now legally committed yourself to purchase you must choose a conveyancing practitioner as a matter of urgency as you are facing a tight deadline in which to complete the property. Every auction property will have a corresponding auction set of papers. This will likely include most,if not all of the paperwork that your solicitor will need. In the case of leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in order to complete the transaction on the set completion date.
We have a mortgage agreed in principle with Coventry BS. Wapping conveyancing lawyers have been appointed. How long does it take for Coventry BS to issue the offer to the lawyer?
Some lenders take longer than others. Have Coventry BS done the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Wapping bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Wapping conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their specific requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the mortgage company panel, they must follow the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The deeds to our property can not be found. The conveyancers who did the conveyancing in Wapping 5 years ago have long since closed. What do I do?
Assuming the title is registered the details of your ownership will be evidenced by HMLR under a Title Number. It is easy to perform a search at the Land Registry, identify your property and get current copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Wapping is the location of the property. Is there any advice you can give?
Flying freeholds in Wapping are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wapping you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wapping may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been recommended by a few property agents in Wapping to locate a solicitor on your site. What’s the financial inducement for Estate Agents to offer your lawyers over a competitor’s?
We refuse to offer any financial incentive for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.