My fiance and I intend to remortgage our flat in Wanborough 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 lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we remortgaged 5 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 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.

Will conveyancers request money up-front for conveyancing in Wanborough?

Where you are retaining lawyers for conveyancing in Wanborough your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the purchase price then this will be asked for immediately in advance of contracts are exchanged. The closing balance that is due should be sent to your lawyer a couple of days prior to the completion date.

I need to retain a conveyancing solicitor for residential conveyancing in Wanborough. I've land on a web site which looks to be the perfect answer If it is possible to get all the legals done via phone that would be preferable. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am attracted to a couple of flats in Wanborough both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Wanborough is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wanborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Wanborough Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

Its a good idea to find out as much as possible regarding the managing agents as they will either make living at the property much easier or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the common parts. Enquire of other tenants whether they are happy with them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments?

Our solicitor in Wanborough has identified a a legal deficiency with the lease for the apartment we are purchasing in Wanborough. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.