My wife and I intend to remortgage our maisonette in Penley with Leeds Building Society. 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 property is forfeited by the lender. I have two concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 are selling our house in Penley. Will my conveyancing practitioner need to be required to be on the Coventry BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
If you had a top tip for selecting a conveyancing solicitor in Penley what would it be?
We would encourage you not to base your choice on the lowest Penley conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I have a mortgage with Kent Reliance for my property in Penley. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel solicitor.
At last I have had an offer on a flat in Penley agreed to, but there is a chain. The owners have placed an offer on on an apartment, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have selected a local conveyancing solicitor in Penley. What do I do now? At what stage should I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Penley conveyancing search costs, etc). First, you should ensure that your solicitor is on the RBS conveyancing panel. Regarding the subsequent phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a hot market the majority of home buyers would apply for the mortgage with RBS and pay for the valuation and only if it comes back ok would they request their conveyancer to proceed with searches.
I used Arc property Solicitors several years past for my conveyancing in Penley. I now require my papers but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Penley of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Penley. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Penley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Penley in which case you should be shopping around for a Penley conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold flat in Penley, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Penley with over 90 years remaining are worth £211,000. The ground rent is £50 per annum. The lease expires on 21st October 2087
With only 68 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.