My partner and I are refinancing our maisonette in Durham with Santander. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Santander 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 entitlement to inherit the property?
First, rest assured that your Santander 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 Santander. This is solely used to protect Santander 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 Santander 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 am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Durham with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to mortgage companies such as Bank of Ireland, do Durham property lawyers face an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Is it the case that all Durham solicitor practices on the Yorkshire BS conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be governed by the SRA. Many mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
Can I be sure that the Durham conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Durham obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your conveyancing.
We are purchasing a house and the conveyancer has raised the issue of Chancel Repair for which the property could be obligated to contribute to as it falls into the area of such a church. She has mentioned insurance. Is this really appropriate for conveyancing in Durham
Unless a previous acquisition of the premises completed post 12 October 2013 you can assume that solicitors delivering conveyancing in Durham to remain recommending a chancel search and or chancel repair liability insurance.
My step-father has encouraged me to use his lawyers for conveyancing in Durham. Do I take his recommendation?
There are no two ways about it it’s preferable to choose a conveyancing solicitor is to have recommendations from friends or family who have actually used the solicitor you're contemplating using.
I am attracted to a couple of apartments in Durham both have in the region of forty five years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Durham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than eighty 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 premises 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 a residence 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 Durham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 purchased a studio flat in Durham, conveyancing having been completed 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Durham with over 90 years remaining are worth £195,000. The ground rent is £45 levied per year. The lease expires on 21st October 2086
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.