My partner and I changing mortgage lender for our penthouse in Bamburgh with RBS. We have a son 18 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, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
It is a dozen years since I purchased my home in Bamburgh. Conveyancing solicitors have just been retained on the sale but I am unable to find the title documents. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be kept by your mortgage company or they could be in the possession of the conveyancers who handled the purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Bamburgh involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
We are purchasing a terrace house in Bamburgh. Our aim is to convert the garage to an office at the house.Will legal work on the property involve enquiries to ascertain if these works were previously refused?
Your conveyancer will check the deeds as conveyancing in Bamburgh can on occasion reveal restrictions in the title documents which prohibit certain works or necessitated the permission of another owner. Many extensions require local authority planning consent and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be wise to check these issues with a surveyor before you commit yourself to a purchase.
is it true that all Bamburgh solicitor practices on the Co-operative conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I am due to exchange contracts on my apartment. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being difficult. The Bamburgh solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am looking for a ground for flat up to £195,000 and found one close by in Bamburgh I like with open areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Bamburgh in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am employed by a long established estate agency in Bamburgh where we see a few flat sales derailed due to short leases. I have received contradictory information from local Bamburgh conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 for a lease extension. 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 disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I bought a studio flat in Bamburgh, conveyancing having been completed July 1999. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bamburgh with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2084
With just 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 plus professional fees.
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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.