My husband and I intend to remortgage our apartment in Portishead with Virgin Money. We have a son approaching twenty who lives with us. 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise 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 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.
What is your number one tip for choosing a conveyancing solicitor in Portishead
It would be unwise to be swayed by the lowest Portishead conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I currently have a mortgage with Kent Reliance for my property in Portishead. Conveyancing has been completed a year ago. If I am intending 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 Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval before letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent 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 Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel lawyer.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Portishead bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Portishead conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the lawyer is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I need some expedited conveyancing in Portishead as I am under an ultimatum to sign on the dotted line inside 4 weeks. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not taking a mortgage you are at free not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Portishead the following are examples of what can show up and adversely impact the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...
Due to the encouragement of my in-laws I had a survey completed on a house in Portishead prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Portishead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Portishead to see if the conveyancing costs will increase in light of this.
I need to instruct a conveyancing solicitor for residential conveyancing in Portishead. I have stumble across a web site which looks to be the ideal offering If it is possible to get all the legals done via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My folks are unable to locate their Portishead land registry title on the online search facility. They recall that back in the 70’s when they purchased the house there were complications regarding Portishead not being recognised in some systems.
Almost all properties in Portishead should be revealed. Have you endevoured to search with simply the postcode. Normally it should reveal all the properties inside the postcode. Where recorded it will show up with a title number. If they bought 50 years ago it's conceivable it may be unregistered. The address may still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title deeds which may be with your parent’s mortgage company.