My husband and I intend to remortgage our maisonette in High Peak with Virgin Money. 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 flat is repossessed. I have two questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
Finally the sale completed on my house in High Peak last December but the buyer keeps texting me to say their lawyer needs to hear from myconveyancer. What are the post completion sale formalities now that I have sold?
Post completion of your house sale your solicitor should deliver the transfer documentation and all supplemental paperwork to the purchaser's lawyers. Where appropriate, your conveyancer should also send confirmation that the home loan has been discharged to the buyers conveyancers. There are no post completion tasks just for conveyancing in High Peak.
I am looking to buy a property and require a conveyancing solicitor in High Peak who is on the Platform Home Loans Ltd solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Platform Home Loans Ltd in certain locations such as High Peak. We dont recommend any particular firm.
I have been advised by a few estate agents in High Peak to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to market your lawyers over and above a competitor’s?
We don’t make any referral fee for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
My father-in-law has suggested that I appoint his lawyers for conveyancing in High Peak. Should I use them?
There are no two ways about it the ideal way to choose a conveyancing lawyer is to seek recommendations from friends or family who have used the firm you're contemplating using.
I own a leasehold flat in High Peak. Conveyancing was completed in 2011. I have read on various advice forums that I should not allow the the remaining lease term to get too low. Is this correct?
High Peak leasehold properties are for a fixed period - usually ninety nine years when they started. However many flats in High Peak were built or converted 30 or more years ago and so these leases now have under eighty years unexpired. That may sound like a long time but Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing 75 years. To increase your property value you should be considering whether to extend your lease long before you come to sell it. You should note that there are significant benefits to doing so before the lease reaches even eighty years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.