My husband and I intend to remortgage our maisonette in Babbacombe with Leeds Building Society. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish his rights 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
Is there a search tool that I can utilise to check that the solicitor handling my conveyancing in Babbacombe is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus paying £187.00 plus VAT in further conveyancing bill.
You should make use of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type ‘Babbacombe’ or your location and you will see a number of lawyer located in Babbacombe or nearest you.
My wife and I have arranged the release of further monies on our home loan from Clydesdale as we intend to conduct renovations to our home in Babbacombe. Are we obliged to appoint a nearby Babbacombe solicitor on the Clydesdale conveyancing panel to deal with the paperwork?
Clydesdale don't usually require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale list.
I have instructed a Babbacombe lawyer having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Babbacombe postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Babbacombe.
Nationwide have agreed my home loan in principle, my bid on a flat in Babbacombe has been accepted, what happens next?
Your property agent will need to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Contact Nationwide or the broker and finalise any relevant documentation. Nationwide will instruct a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Nationwide will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Babbacombe.
I own a semi-detached Edwardian house in Babbacombe. Conveyancing lawyer represented me and HSBC Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. Is it worth asking HSBC Bank to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Babbacombe and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing solicitor who carried out the work.
About to purchase a new build flat in Babbacombe. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Babbacombe
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Babbacombe I like with open areas and station in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Babbacombe suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.