Much to our surprise we have been informed by our IFA that my Farnham Common lawyer is not on the bank Conveyancing panel. How can I be sure if this is correct?
Your first step should be to call your Farnham Common conveyancer. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they may recommend you to a Farnham Common conveyancing practice that is on the approved list of lawyers for your mortgage company.
My partner and I are refinancing our flat in Farnham Common with Barclays. We have a son approaching twenty who lives with us. 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, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 renovated Victorian house in Farnham Common. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Farnham Common 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 lenders. You can also enquire as to the position with your conveyancing practitioner who conducted the conveyancing.
I have been on the look out for a flat up to £305k and found one round the corner in Farnham Common I like with open areas and railway links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Farnham Common in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
In sourcing the web for the term cheap conveyancing in Farnham Common it shows results of numerous conveyancerslocally. How do I determine which is the suitable conveyancing solicitor for purchase transaction?
The preferential way of seeking the right conveyancer is via personal referral, so seek the counsel of friends and family who have purchased a property in Farnham Common or the reputable estate agent or financial adviser. Fees for conveyancing in Farnham Common vary, so it's sensible to secure at least four fee estimates from different conveyancers. Dont forget to clarify that the charges are assured not to increase.
I want to sublet my leasehold apartment in Farnham Common. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Farnham Common do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am the registered owner of a leasehold flat in Farnham Common, conveyancing was carried out in 2006. 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 properties in Farnham Common with over 90 years remaining are worth £175,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2082
With just 58 years remaining on your lease we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending 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 concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.