My husband and I swapping mortgage lender for our penthouse in Cranbrook with HSBC. We have a son 18 who lives with us. Our solicitor requested us to identify 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 questions (1) Is this form unique to the HSBC conveyancing panel as he did not need to sign this form when we bought 5 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 HSBC. This is solely used to protect HSBC 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 HSBC 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 am the registered owner of a freehold premises in Cranbrook but still invoiced for rent, why is this and what is this?
It is rare for properties in Cranbrook and has limited impact for conveyancing in Cranbrook but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Do I have to visit the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Cranbrook so that I can pop in to their offices if required.
Nowadays conveyancing panel lawyers for lenders conduct the vast majority of communications via the post, e-mail or over phone calls. This means that they can undertake the legal work for your home move no matter where you live in England or Wales. That being said you should see if you can still book an appointment to visit conveyancing lawyer if you prefer.
I decided to have a survey done on a house in Cranbrook prior to instructing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies tend not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cranbrook. Conveyancing will be smoother if you use a solicitor in Cranbrook especially if they are accustomed to such properties in Cranbrook.
I am a sole trader wishing to lease a unit on a shopping parade. Can you recommend conveyancers offering no-move-no costs for commercial conveyancing in Cranbrook for below £2000?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Cranbrook, including the disposal and acquisition of businesses as well as simply premises. If you are looking to buy or sell a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right firm. As for the charges these will vary based on the structure and complexity of the deal. Please provide us with your details or call us so that we can supply you with a fixed commercial conveyancing quote.
Do I cancel the direct debit for my mortgage with Virgin Money once a completion date for my home sale in Cranbrook has been agreed?
No, you must maintain meeting any mortgage sums to Virgin Money until the mortgage is repaid out of the proceeds of sale as part of your Cranbrook conveyancing.