My wife and I are refinancing our penthouse in Earley with Barclays. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right 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.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Earley so that I can attend their offices if required.
As opposed to ten years ago, the vast majority mortgage companies no longer need their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over identification documents and there are still distinct benefits to instructing a local ayer, in your situation a conveyancing solicitor in Earley.
I have todaybeen informed that Action Conveyancing have closed. They conducted my conveyancing in Earley for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Earley conveyancing specialists.
I was recommended by numerous selling agents in Earley to get a quote from a conveyancer on your site. What’s the financial advantage for Estate Agents to market your services over alternative conveyancing organisations?
We refuse to offer any referral fee for sending work in our direction. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
We own a leasehold flat in Earley. Conveyancing was finalised in last year. I have heard that I mustn’t allow the the remaining lease term to get too short. Why is that a problem?
Earley residential long term leases are for a fixed term - often just under one hundred years when they started. However many appartments in Earley were constructed or converted in the 60’s and so these leases now have less than eighty years remaining. This may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to 75 years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease reaches even eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to escalate.