My wife and I are planning to buy a property in Mablethorpe and are in fact using a Mablethorpe conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this morning contacted us to inform me that they have now hit a problem as our Mablethorpe conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Mablethorpe lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My fiance and I intend to remortgage our penthouse in Mablethorpe with Leeds Building Society. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 property is repossessed. I have two concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 see that you have a search directory listing law firms on the Yorkshire BS conveyancing panel. Do companies pay you a referral fee if I appoint them for our own conveyancing in Mablethorpe?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Mablethorpe.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Mablethorpe?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Mablethorpe. 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…’
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Mablethorpe is where the house is located. Can you offer any assistance?
Flying freeholds in Mablethorpe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mablethorpe you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mablethorpe may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have recently realised that I have Fifty years remaining on my lease in Mablethorpe. I am keen to get lease extension but my landlord is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have used your best endeavours to locate the lessor. For most situations an enquiry agent should be useful to carry out a search and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Mablethorpe.
I bought a basement flat in Mablethorpe, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Mablethorpe with a long lease are worth £170,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With just 78 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.