My partner and I swapping mortgage lender for our apartment in Easthampstead with Barclays. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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 property is repossessed. I have two questions (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right 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 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.
We note that you have a post code search directory identifying firms on the HSBC conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Easthampstead?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Easthampstead.
I'm the single recipient of my late mum's will and I have everything in my name now, including the my former home in Easthampstead. The Easthampstead property was put into my name in August. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in August. Do I have to wait 6 months to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this requirement is chiefly there to identify subsales or the wholesaling and assigning of properties.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a Easthampstead property lawyer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
I am selling my flat. I had a double glazing fitted in November 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Yorkshire BS are being pedantic. The Easthampstead solicitor who is on the Yorkshire BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Yorkshire BS are insisting on a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Just had an offer accepted on a new build apartment in Easthampstead. 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Easthampstead
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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? Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants.
I opted to have a survey done on a property in Easthampstead before appointing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks will not grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Easthampstead. Conveyancing will be smoother if you use a solicitor in Easthampstead especially if they are accustomed to such properties in Easthampstead.
We own a leasehold flat in Easthampstead. Conveyancing was completed in 2011. I have read on a number of consumer forums that I mustn’t let the the remaining lease term to get too low. Is this right?
Easthampstead leasehold properties are for a fixed period - usually 99 years when they started. However many flats in Easthampstead were built or converted in the 70’s80’s and so these leases now have less than eighty years remaining. That may seem like a long time however Banks, Building Societies and other mortgage lenders tend to need leases to have at least 75 years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To optimize your property value you should be thinking about whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to doing so before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to escalate.