My fiance and I intend to remortgage our flat in Preston Park with Barclays. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the Barclays conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?

First, rest assured that your Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 purchased my home in Preston Park. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down my deeds. Is this a problem?

You need not be too concerned. First there is a possibility that the deeds will be kept by the mortgage company or they may be archived with the solicitor who handled your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Preston Park involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.

Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Preston Park. My lender is Nationwide Building Society

Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/12/2024, the requirements read as follows :

Various internet forums that I have come across warn that are a common cause of obstruction in Preston Park conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Preston Park.

I am a negotiator for a reputable estate agent office in Preston Park where we have witnessed a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Preston Park conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I purchased a leasehold flat in Preston Park, conveyancing was carried out in 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Preston Park with over 90 years remaining are worth £260,000. The ground rent is £50 yearly. The lease expires on 21st October 2099

You have 75 years left to run the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.