My partner and I intend to remortgage our flat in Billingshurst with Principality. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Principality 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 Principality. This is solely used to protect Principality 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 Principality 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 own a freehold house in Billingshurst yet pay rent, why is this and what is this?
It is rare for properties in Billingshurst and has limited impact for conveyancing in Billingshurst 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have been told that property searches are a common reason for hinderance in Billingshurst house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Billingshurst.
4 months have gone by since my purchase conveyancing in Billingshurst 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 premises 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.
Due to the input of my in-laws I had a survey completed on a house in Billingshurst prior to appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some lenders will refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Billingshurst. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to instruct a Billingshurst conveyancing lawyer in close proximity to the house I am hoping to buy? I have an old university friend who can carry out the legal formalities but her office is a couple of hundredkilometers away.
The primary upside of using a high street Billingshurst conveyancing practice is that you can drop in to execute documents, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and the majority were happy that must trump using an unknown Billingshurst conveyancing solicitor just because they are based in the area.