My partner and I swapping mortgage lender for our flat in Beaufort with RBS. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose 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 property is forfeited by the lender. I have two questions (1) Is this document specific to the RBS conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this extinguish 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 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.
I happen to be the single beneficiary of my late grandmother’s estate and I have everything in my name alone, including the house in Beaufort. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be treated the same way as if I'd bought the property in August. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view lenders take of it, depend on the mortgage company as this provision chiefly exists to identify subsales or the quick reselling of property.
is it true that all Beaufort solicitor practices on the Nottingham conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Beaufort solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Beaufort postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Beaufort.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Beaufort is the location of the property. Can you offer any guidance?
Flying freeholds in Beaufort are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Beaufort you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beaufort 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 premises.
Is it possible to swap firm as I need to instruct one who is on the TSB conveyancing list. I had appointed a family conveyancing solicitor in Beaufort five minutes from me but he is not approved by TSB
It would be our pleasure to assist you select a conveyancing solicitor in Beaufort on the TSB panel. Please note that the conveyancers that we list do not pay us fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Beaufort. In making use of the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Beaufort.
Having had my offer accepted I require leasehold conveyancing in Beaufort. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and most are in Beaufort - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a garden flat in Beaufort, conveyancing having been completed December 2006. Can you work out an approximate cost of a lease extension? Comparable flats in Beaufort with an extended lease are worth £207,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2079
With only 57 years left to run we estimate the price of your lease extension to be between £28,500 and £33,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Our lender agreed in principle to grant us a mortgage. We appointed a high street conveyancer in Beaufort yesterday. A couple of hours ago, our financial adviser phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their panel. As FTB's, we did not have a clue that the bank had a say Is this legal?
You are permitted to instruct any conveyancing solicitor you wish to appoint for your conveyancing in Beaufort however if your bank aren't happy with them you will have to incur an extra fee so your bank can instruct their own lawyers. On occasion it is possible your solicitor may apply to get added to the mortgage company list of approved firms. You can use internet tools such as lenderpanel.com to find a conveyancing solcitor in Beaufort on the bank panel. You can go into your local mortgage company branch in Beaufort. They can recommend conveyancing solicitors in Beaufort on the panel for your bank.