My husband and I are refinancing our flat in Lancing with RBS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults 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 two concerns (1) Is this document specific to the RBS conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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 uncle pointed out to me me that in purchasing a property in Lancing there could be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of anumerous of properties in Lancing which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Lancing should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Lancing conveyancing lawyers were appointed. How long does it take for Leeds Building Society to forward the offer to the property lawyer?
There is no definitive answer here. Have Leeds Building Society completed the valuation? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have a mortgage with Principality for my property in Lancing. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality prior to letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
Are there restrictive covenants that are commonly identified as part of conveyancing in Lancing?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Lancing. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build apartment in Lancing. 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 is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lancing
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Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. There must be mutual enforceability of lessee’s covenants.
Due to the guidance of my in-laws I had a survey completed on a property in Lancing ahead of appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not give a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lancing. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lancing to see if the conveyancing costs will increase in light of this.
Is it simple use your search tool to select a conveyancing lawyer in Lancing on the panel for my lender?
Step one is to select a bank such as National Westminster Bank, The Mortgage Works or Aldermore then type in your preferred area for example Lancing. Conveyancing practices in Lancing and further afield will then be listed.