My wife and I are refinancing our maisonette in Wallingford with Yorkshire BS. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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 have 7378 less than 75 years remaining on my lease and require a lease extension for my apartment in Wallingford. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/11/2024 the requirements read as follows :
A relative recommended that where I am purchasing in Wallingford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Wallingford conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Wallingford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Wallingford Education with plans and statistics, Local Amenities and other useful data regarding Wallingford.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Wallingford I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Wallingford suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
How do I use your search facility to get a costs illustration from a conveyancing practitioner in Wallingford on the authorised to act for my lender?
First select a lender such as Barclays , Chelsea Building Society or TSB then choose your preferred area for example Wallingford. Conveyancing firms in Wallingford and further afield should be listed.
Should one as executor remove a deceased person's name from the title deeds for a property in Wallingford?
If a Wallingford property is jointly owned and one of the owners dies, their name will not immediately be removed from the Land Registry title. You are not required to remove their name as in the event of a disposal you would just be asked to supply proof as to the reason the co owner is missing from the conveyance, such as the probate documents.
With a view to making the sale conveyancing smoother for the sale of the property you may apply to have the deceased person erased from the title entries by submitting an application to HM Land Registry with evidence of the death. There is no charge from the Registry for this service.