My husband and I intend to remortgage our flat in Sharnbrook with HSBC. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 flat is forfeited by the lender. I have two questions (1) Is this document specific to the HSBC conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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 property in Sharnbrook yet pay rent, why is this and what is this?
It’s unusual for properties in Sharnbrook and has limited impact for conveyancing in Sharnbrook 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old 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.
Is it the case that all Sharnbrook solicitor practices on the Clydesdale conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be regulated by the SRA. Many banks do list licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Sharnbrook conveyancing practitioners have been chosen. How long does it take for Lloyds to issue the offer to the solicitor?
Some lenders take longer than others. Have Lloyds done the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a AIP from TSB this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Sharnbrook solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Sharnbrook solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I have been told that property searches are the main reason for stalling in Sharnbrook conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Sharnbrook.
My husband and I are 17 days into a leasehold purchase having been recommend to solicitors by the estate agent to do our conveyancing in Sharnbrook. I am am starting to be disappointed with the level of service. Can you help me find new lawyers?
They would need to be really poor in order to consider diss instructing them. Has your loan offer been sent? If so you need to inform them of the replacement solicitor and have the offer are re-sent. Your solicitor ideally needs to be on the lenders panel to avoid escalating costs and delays. That should be your starting point. The search tool should assist you in finding a lender approved lawyer for your home move in Sharnbrook
Having checked my lease I have discovered that there are only 68 years remaining on my flat in Sharnbrook. I need to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to find the lessor. On the whole an enquiry agent should be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Sharnbrook.
I purchased a 1st floor flat in Sharnbrook, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Sharnbrook with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2077
With 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.