My husband and I are refinancing our maisonette in Lytham St Annes with Yorkshire BS. We have a son 18 who lives with us. 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 document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his rights 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
We are selling our flat in Lytham St Annes. Does the lawyer need to be on the Barclays conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
Are there restrictive covenants that are commonly identified as part of conveyancing in Lytham St Annes?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Lytham St Annes. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £305k and identified one close by in Lytham St Annes I like with a park and railway links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Lytham St Annes for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I'm converting the mortgage on my current property to a buy to let loan with Nottingham Building Society and I will use the rest of the raised equity as a down payment on a second property. The neighborhood we are talking about is Lytham St Annes. Will your lawyers be able to act for both sets of mortgage companies and link together the two deals?
Make use of our comparison tool on this site to check that the conveyancers are approved by both lenders. Having checked that they are your lawyer will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and specify your expectations and needs.
When it comes to my conveyancing in Lytham St Annes should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Lytham St Annes conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.