My partner and I intend to remortgage our maisonette in Trafford Park with HSBC. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the HSBC conveyancing panel as he never had to sign this form when we bought 3 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 HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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 bought my home in Trafford Park. Conveyancing lawyers have now been instructed on the sale but I am unable to track down the title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by the mortgage company or they may stored with the conveyancers who handled your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Trafford Park relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
I have a 4 bedroom Victorian property in Trafford Park. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Trafford Park and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the purchase.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Trafford Park. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Trafford Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Trafford Park in which case you should be shopping around for a Trafford Park conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I acquired a 1st floor flat in Trafford Park, conveyancing was carried out August 1997. Can you work out an approximate cost of a lease extension? Equivalent properties in Trafford Park with an extended lease are worth £201,000. The ground rent is £45 levied per year. The lease ends on 21st October 2084
With just 65 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Are Trafford Park conveyancing solicitors under an obligation to the Law Society to supply clear conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Trafford Park or beyond.