I am not well enough to travel far from Marks Gate. What is the rationale as to why all Marks Gate lawyers are not on all lender panels?
Pre- 2008 most banks exhibited an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, mortgage companies have subsequently looked to extract more information from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the mortgage companies set.
My husband and I changing mortgage lender for our penthouse in Marks Gate with UBS. We have a son 19 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the UBS conveyancing panel as he did not need 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?
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 UBS. This is solely used to protect UBS 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 UBS 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.
Can you explain why leasehold purchase conveyancing in Marks Gate is more expensive?
Marks Gate leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather instruct a local conveyancing solicitor in Marks Gate?
You should check but the chances are that give you one of their panel solicitors where you accept the "fee-free" deal. Contact the bank and determine if they make available a cash alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Marks Gate.
Frank (my husband) and I may need to rent out our Marks Gate 1st floor flat temporarily due to taking a sabbatical. We instructed a Marks Gate conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Marks Gate conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent via your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining permission. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
We have reached the end of our tether in seeking a lease extension in Marks Gate. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension decision for a Marks Gate residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.
Do I stop my mortgage payments with Coventry BS once a completion date for my sale in Marks Gate has been agreed?
You would be well advised to continue meeting any mortgage payments to Coventry BS pending the mortgage being redeemed from the proceeds of sale as part of your Marks Gate conveyancing.