My husband and I are refinancing our penthouse in Pangbourne with Bank of Ireland. We have a son 18 who lives at home. Our solicitor requested us to identify any adults 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 repossessed. I have two questions (1) Is this document specific to the Bank of Ireland 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?
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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 see that you have a search directory listing firms on the HSBC conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Pangbourne?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Pangbourne.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The conveyancers who handled the conveyancing in Pangbourne 5 years ago no longer exist. What are my next steps?
These day there are duplicates made of almost everything, and your solicitor should be aware exactly where to look for all the suitable documentation so you can purchase or dispose of your property without a hitch. Where duplicates are not available, your conveyancer can arrange cover in the form of insurance or indemnities against possible claims on the premises.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Pangbourne is the location of the property. Can you shed any light on this issue?
Flying freeholds in Pangbourne are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pangbourne you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pangbourne may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Are there frequently found deficiencies that you encounter in leases for Pangbourne properties?
There is nothing unique about leasehold conveyancing in Pangbourne. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the premises A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I bought a garden flat in Pangbourne, conveyancing formalities finalised 9 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Pangbourne with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2096
With only 73 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
How and when do I cover the costs of stamp duty chargeable for my purchase in Pangbourne?
The conveyancer should fill out a Land Transaction Return Form for you as part of your Pangbourne conveyancing transaction for signature. After completion your property lawyer will submit the STL application to the Inland Revenue and - as long as they have the money - settle any Stamp Duty due on your behalf.