My fiance and I are refinancing our maisonette in Datchet with Skipton. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults 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 property is forfeited by the lender. I have two questions (1) Is this form unique to the Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
As someone unfamiliar with the Datchet conveyancing process what’s the number one tip you can impart concerning the legal transfer of property in Datchet
Not many law firms shout this from the rooftops but conveyancing in Datchet and elsewhere in Berkshire is an adversarial process. In other words, when it comes to conveyancing there is an abundance of room for confrontation between you and others involved in the ownership transfer. For example, the vendor, selling agent and sometimes your bank. Appointing a solicitor for your conveyancing in Datchet an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to act in your best interests and to protect you.
On occasion a potential adversary will attempt to persuade you that you should follow their advice. For example, the selling agent may claim to be assisting by suggesting your conveyancer is slow. Or your mortgage broker may tell you to do take action that is contrary to your solicitors advice. You should always trust your lawyer above all other parties in the home moving process.
My solicitor has informed me that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Datchet?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Datchet building society branch on numerous occasions and was told they are content with the situation and they will lend. My Datchet conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Datchet property lawyer having made sure that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS 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 property lawyer 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 Datchet postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Datchet.
How does the Landlord & Tenant Act 1954 impact my commercial property in Datchet and how can you help?
The particular law that you refer to gives a safeguard to commercial tenants, giving them the legal entitlement to apply to court for a renewal tenancy and remain in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Datchet is one of the hundreds of areas of the UK in which the firms we work with have offices
Planning to complete next month on a leasehold property in Datchet. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Datchet should include some of the following:
What remedies are open the freeholder should you are in breach of your lease terms? You should be sent a copy of the lease Specifying your legal entitlements in relation to common areas in the block.For example, does the lease permit a right of way over an accessway or hallways? Your solicitors should enable you to have an understanding of the insurance obligations
I inherited a garden flat in Datchet, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Datchet with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2086
With only 64 years remaining on your lease the likely cost is going to be between £15,200 and £17,600 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.