My partner and I changing mortgage lender for our maisonette in Polperro with Nationwide. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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're in Polperro, First time buyers buying with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

My friend recommended that if I am buying in Polperro I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?

A search of this type is usually quoted for as part of the standard Polperro conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Polperro around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Polperro Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Polperro Education with maps and statistics, Local Amenities and other useful data about Polperro.

Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Polperro I like with a park and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Polperro suitable, so just wondered if I would be making a mistake acquiring a short lease?

Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.

I am attracted to a couple of apartments in Polperro both have about 50 years left on the leases. Do I need to be concerned?

There are plenty of short leases in Polperro. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.

I bought a basement flat in Polperro, conveyancing was carried out 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Polperro with an extended lease are worth £180,000. The ground rent is £65 levied per year. The lease expires on 21st October 2083

With only 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.