My wife and I changing mortgage lender for our maisonette in Lymm with UBS. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the UBS conveyancing panel as he never had to sign this form when we remortgaged 3 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 UBS 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 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.
Various internet forums that I have visited warn that are the main cause of stalling in Lymm house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Lymm.
I am buying a new build flat in Lymm. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Lymm
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I opted to have a survey done on a property in Lymm prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lymm. Conveyancing will be smoother if you use a solicitor in Lymm especially if they regularly deal with such properties in Lymm.
How do I use your search app to find a conveyancing lawyer in Lymm on the panel for my lender?
Step one is to choose a bank such as Accord Mortgages Ltd, Norwich and Peterborough Building Society or TSB then specify your preferred area such as Lymm. Conveyancing firms in Lymm and beyond should be shown.
Should I cancel my mortgage payments with Kent Reliance once a completion date for my home sale in Lymm has been set?
You are best advised to keep paying any mortgage payments to Kent Reliance until the mortgage is discharged on completion as part of your Lymm conveyancing.