My fiance and I are refinancing our maisonette in Whaley Bridge with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose 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 flat is repossessed. I have a couple of concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?

First, rest assured that your Yorkshire BS 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.

I am the registered owner of a freehold property in Whaley Bridge but still charged rent, why is this and what is this?

It is rare for properties in Whaley Bridge and has limited impact for conveyancing in Whaley Bridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.

Please explain the implications if my lawyer’s firm is suspended from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Whaley Bridge?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

I need some quick conveyancing in Whaley Bridge as I am under pressure to complete in less than 4 weeks. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?

If.Given you are not getting a mortgage you have the choice not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Whaley Bridge the following are examples of issues that can show up and therefore affect future saleability: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...

Are there frequently found defects that you witness in leases for Whaley Bridge properties?

There is nothing unique about leasehold conveyancing in Whaley Bridge. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

A duty to insure the building A provision to repair to or maintain parts of the building

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

Whaley Bridge Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing

Its a good idea to find out as much as possible about the managing agents as they can either make your life much simpler 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 day to day matters like the cleanliness of the communal areas. Enquire of other tenants if they are happy with them. In conclusion, find out the dates that the maintenance charges are due to the relevant party and specifically what it includes. You should be aware that where the lease has fewer than eighty years it will affect the value of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Whaley Bridgelease extensions you will be required to have been the owner of the property for a couple of years before you are eligible to extend the lease. How many of the leaseholders are in arrears for their service charge payments?