My wife and I are refinancing our penthouse in Peterborough with Principality. We have a son approaching twenty who lives with us. 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 property is repossessed. I have two concerns (1) Is this document specific to the Principality conveyancing panel as he did not need to sign this form when we purchased 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 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.
Is there a reason why leasehold purchase conveyancing in Peterborough costs more?
Peterborough leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Peterborough with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander 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.
Are there any apps to help locate a Peterborough solicitor on the Barnsley Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the lawyer.
You can use the facility on this website. Please choose the lender and your location and you will see a number of Peterborough conveyancing lawyers located nearest you. We have listed some Peterborough conveyancing firms towards the end of this page and you can ring them to see if they are on the Barnsley Building Society member panel
I work for a busy estate agent office in Peterborough where we have experienced a number of flat sales put at risk as a result of short leases. I have received contradictory information from local Peterborough conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a ground floor flat in Peterborough, conveyancing having been completed in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Peterborough with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2088
With only 62 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I have been told by various estate agents to expect 6-8 weeks for Peterborough conveyancing to complete.This was four weeks ago. The property information was only forwarded from the vendors property lawyer last week so does the clock start running now?
Don't bank on counting down any 6-8 week suggested period. Giving assurances as to exactly how long Peterborough conveyancing will take is nigh on impossible. Without fail every Peterborough conveyancing transaction will have it’s bespoke set of issues. As a result your solicitor will find it difficult to guarantee a precise timeframe to conclude your conveyancing in Peterborough.