My husband and I intend to remortgage our apartment in Shirehampton 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, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Barclays conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up 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.
We are purchasing a house and need a conveyancing solicitor in Shirehampton who is on the Barclays approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Shirehampton.
How do I find out if the solicitor handling my conveyancing in Shirehampton is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Chelsea Building Society thus spending £192.00 in further legal bill.
You should take advantage of the search tool on this web page. Please choose the mortgage company and type ‘Shirehampton’ or your preferred area and you will discover a number of lawyer located in Shirehampton or by proximity to you.
Intending to buy a flat in Shirehampton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shirehampton lawyer is on the Leeds Building Society conveyancing panel.
I have instructed a Shirehampton lawyer having checked that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Shirehampton postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Shirehampton.
Barclays have agreed my home loan in principle, my offer on a property in Shirehampton has been accepted, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Contact Barclays or the financial adviser and finalise any outstanding paperwork. Barclays will appoint a valuer who will get in touch with the selling agent or owners to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Barclays will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Shirehampton.
I have been told that property searches are the primary reason for delay in Shirehampton house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Shirehampton.
I am employed by a busy estate agent office in Shirehampton where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Shirehampton conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I bought a 1st floor flat in Shirehampton, conveyancing formalities finalised in 2012. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Shirehampton with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2095
With 69 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.