My husband and I changing mortgage lender for our penthouse in Islington with Leeds Building Society. We have a son 18 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 repossessed. I have two concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society conveyancing panel solicitor is doing the right thing 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.
My uncle passed away last year and as sole heir and executor I was left the house in Islington. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you plan to refinance then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
I am expecting a DIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Islington solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Islington solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I have a mortgage with Lloyds for my property in Islington. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds before renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will permit you to let 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 Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
I had an offer accepted on a property in Islington on 7/3/2019, valuation was booked 4 days after, all came back fine. Property lawyer instructed, so all that was missing was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Due to the encouragement of my in-laws I had a survey completed on a property in Islington prior to retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some banks tend refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you e-mail 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 Islington. Conveyancing may be slightly more expensive based on your lender's requirements.
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My father-in-law has recommend that I use his conveyancing solicitors in Islington. Do I follow his guidance?
Much as we are happy to recommend a Islington conveyancing lawyer it’s preferable to choose a conveyancing practitioner is to seek recommendations from friends or family who have actually experience in using the conveyancer that you are contemplating using.