My partner and I intend to remortgage our penthouse in Northwick Park 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. 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 Virgin Money conveyancing panel as he never had to sign this form when we remortgaged 5 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 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.
I purchased a freehold property in Northwick Park but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Northwick Park and has limited impact for conveyancing in Northwick Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My partner and I are selling our house in Northwick Park and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any high street Northwick Park lawyer would know that there is no such problem. It does beg the question why the purchasers used an online conveyancing practice as opposed to a conveyancing solicitor in Northwick Park. Having lived in Northwick Park for 5 years we know that this is a non issue. Should we contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You must 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 illness)
I am buying my first flat in Northwick Park with a loan from Bank of Scotland. The developers refused to budge the amount so I negotiated 6k of extras instead. The property agent told me not inform my lawyer about the deal as it would adversely affect my loan with the bank. Should I keep quiet?.
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.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Northwick Park I like with open areas and railway links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Northwick Park for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My husband and I are FTB’s - agreed a price, but the estate agent advised that the seller will only proceed if we instruct their chosen conveyancers as they want a ‘quick sale’. We would rather use a family conveyancer with experience of conveyancing in Northwick Park
We suspect that the owner is not behind this request. Should the vendor desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Bypass the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you intend to use your preferred Northwick Park conveyancing lawyers - not the ones that will earn the negotiator at the agency a referral fee or hit his conveyancing thresholds pre-set by senior management.