My husband and I intend to remortgage our apartment in Kings Langley with Nationwide. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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 forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we bought 5 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 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 wife and I are close to exchanging contracts on the sale of our house in Kings Langley and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Kings Langley. We have lived in Kings Langley for 4 years we know that this is a non issue. Should we get in touch with our local Authority to get clarification need.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
My wife and I own a 4 bedroom Edwardian property in Kings Langley. Conveyancing lawyer represented me and Coventry Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kings Langley and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing solicitor who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Kings Langley is where the house is located. Is there any advice you can impart?
Flying freeholds in Kings Langley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kings Langley you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kings Langley may decide 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.
What makes your site different to other web based conveyancing solicitors when it comes to conveyancing in Kings Langley?
At this site get an accurate quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Kings Langley. As opposed to estate agents and many comparison sites we do not have commission arrangements with solicitors. Many agents and online brokers 'recommend' the firm who pay the highest commission, not the best value conveyancing in Kings Langley
I am attracted to a two flats in Kings Langley which have approximately fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Kings Langley is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kings Langley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a 2 bed flat in Kings Langley, conveyancing having been completed in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Kings Langley with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2079
With only 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.