My husband and I changing mortgage lender for our flat in Maulden with Co-operative. We have a son 18 who lives at home. 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 repossessed. I have a couple of questions (1) Is this form unique to the Co-operative conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Co-operative 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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 are a couple who are hoping to buy a purpose built flat in Maulden with a homeloan from Alliance & Leicester .We would like to retain our Maulden conveyancing practitioner but Alliance & Leicester says her practice is not listed on their approved list of member firms. we are left little option but to use a Alliance & Leicester panel solicitor or retain our high street solicitor and fork out for a Alliance & Leicester panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Alliance & Leicester use our lawyer?
No, not really. The loan offered to you contains various provisions, one of which will be that conveyancers will be on the Alliance & Leicester approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Alliance & Leicester
I have been on the look out for a leasehold apartment up to £195,000 and identified one close by in Maulden I like with open areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Maulden in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I'm remortgaging my existing home to a BTL mortgage with Britannia and I will use the ballance of the raised equity as a deposit on a second property. The location we are talking about is Maulden. Will your lawyers be able to act for both sets of lenders and link together the conveyances?
Make use of our comparison tool on this page to check that the solicitors are on the appropriate lender panels. Having checked that they are your conveyancer should be able to tie up the two deals but you should have a chat with you conveyancer and communicate your expectations and needs.
I need to retain a conveyancing solicitor for residential conveyancing in Maulden. I have stumble across a site which seems to have the ideal solution If it is possible to get all formalities completed via web that would be preferable. Should I be concerned? 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?