Much to our surprise we have been informed by our financial adviser that my Boston the law firm I have appointed is not on the lender Solicitor panel. What can I do to be sure whether this is correct?
You need to call your Boston lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My husband and I intend to remortgage our flat in Boston with TSB. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we bought 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 TSB. This is solely used to protect TSB 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 TSB 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.
My bank has recommended solicitors on their panel based in Boston but I would rather instruct a conveyancing lawyer in Boston local to me. Can you help?
Far from all Boston conveyancing practices are listed all banks conveyancing panel. Use the above find an approved solicitor tool to find a Boston conveyancing solicitor on the on the lender panel.
My lawyer has informed me that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Boston?
The appropriate level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Virgin Money. Conveyancing practitioners as opposed to members of the public take out such policies.
I'm the sole recipient of my late mum's will and I have everything in my name alone, including the house in Boston. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be treated the same way as if I'd bought the property in May. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this provision chiefly exists to capture subsales or the wholesaling and assigning of properties.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Boston bank branch on various occasions and was told they are content with the situation and they would lend. My Boston conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
As long as the property lawyer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Just had an offer accepted on a new build flat in Boston. Conveyancing is necessary evil 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 legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Boston
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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. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking for a flat up to £235,500 and found one close by in Boston I like with a park and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Boston in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.