My fiance and I are refinancing our apartment in Thame with Barclays. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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, waiving any legal rights in the event that the apartment is forfeited by the lender. 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 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Barclays 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 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.
A relative advised me that in purchasing a property in Thame there may be various restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Thame which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Thame should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had chosen conveyancers based in Thame on the Skipton solicitor approved list. They have just invoiced me an additional fee for the legal aspects of the Skipton mortgage. Is this an additional conveyancing fee set by Skipton?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. This fee is not dictated by Skipton but by your Thame property lawyer. Some firms on the Skipton panel will quote an ‘acting for lender’ fee and others do not.
We have a mortgage agreed in principle with Bank of Ireland. Thame conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland conducted the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Thame is the location of the property. Can you shed any light on this issue?
Flying freeholds in Thame are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thame you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thame may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How easy is it to switch solicitor as I need to appoint one who is on the Bank of Ireland conveyancing list. I hired a family conveyancing solicitor in Thame round the corner but she is not approved by Bank of Ireland
It would be our pleasure to help you find a conveyancing solicitor in Thame on the Bank of Ireland panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Thame. In utilising search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Thame.
Having had my offer accepted I require leasehold conveyancing in Thame. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Thame - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a 1st floor flat in Thame, conveyancing formalities finalised in 1998. How much will my lease extension cost? Comparable flats in Thame with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2077
With only 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as professional fees.
The suggested premium range 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. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
My nephew is just in the process of moving house, he had his mortgage in principle. One the seller agreed the offer on the house we rang the bank to progress the mortgage application. I was disappointed to discover that banks do not accept all solicitor, they have to be on a list, is this legal?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Thame lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.