My wife and I intend to remortgage our penthouse in Wapping with Kent Reliance. We have a son 18 who lives with us. Our solicitor requested us to identify 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 two concerns (1) Is this form unique to the Kent Reliance conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his entitlement 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
It has been three months following my purchase conveyancing in Wapping concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing a new build house in Wapping with a mortgage from Skipton Building Society. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about the side-deal as it could affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a house in Wapping in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks may not give a loan on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wapping. Conveyancing may be slightly more expensive based on your lender's requirements.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Wapping. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wapping ?
The majority of houses in Wapping are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Wapping in which case you should be shopping around for a Wapping conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. 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 solicitor should advise you fully on all the issues.
I am the registered owner of a two-bedroom flat in Wapping. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Wapping conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wapping flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired term as at the valuation date was 107 years.