My wife and I are refinancing our maisonette in Hambleton with Coventry BS. We have a son approaching twenty 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 questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his entitlement 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
Do banks and building societies provide you with an approved list of Hambleton conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Hambleton conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
My property lawyer in Hambleton is not listed on the Lloyds TSB Bank Conveyancing Panel. Is it possible for me to retain my family solicitor even though they are excluded from the Lloyds TSB Bank approved list?
Your options are as follows:
- Complete the purchase with your existing Hambleton lawyers but Lloyds TSB Bank will need to retain a solicitor on their list of acceptable firms. This will result in additional total conveyancing fees and result in frustration.
- Find a new lawyer to act in the conveyancing, obviously checking they are Lloyds TSB Bank approved.
- Persuade your Lloyds TSB Bank solicitor to try to join the Lloyds TSB Bank panel
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a property in Hambleton? or Apparently there is a law dating back centuries that means some owners of property residing in a parish church boundary may be liable to contribute towards repairs towards the chancel within the church. Is this appropriate for conveyancing in Hambleton?
Unless a previous purchase of the premises took place post 12 October 2013 you could take it that solicitors handling conveyancing in Hambleton to remain recommending a chancel search and or chancel repair liability policy.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Hambleton I like with open areas and transport links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Hambleton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I have today placed an offer on a leasehold flat in Hambleton and the broker that we are using suggested his solicitor. He quoted £900 including VAT and 3rd party costs. Does this sound steep?
Don't just go on a single quote. You should obtain like-for-like quotes for your conveyancing in Hambleton. Then pick one that you trust and crucially, is on the approved list of the lender that you are sourcing your mortgage from.