My fiance and I are refinancing our apartment in North Hykeham with Co-operative. We have a son 18 who lives with us. Our solicitor requested us to identify any adults 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 Co-operative conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Co-operative 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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 note that you have a search directory listing law firms on the Skipton conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in North Hykeham?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in North Hykeham.
I am the single recipient of my late father’s will with all property in now in my sole name, including the my former home in North Hykeham. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the house in June. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view banks take of it, depend on the lender as this provision principally exists to pick up on subsales or the wholesaling and assigning of property.
I am currently in the process of buying my council flat in North Hykeham. I have a mortgage offer with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my North Hykeham building society branch on various occasions and was advised it wasn't a problem and they will lend. My North Hykeham conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
A relative advised me that if I am purchasing in North Hykeham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your North Hykeham conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about North Hykeham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, North Hykeham Education with plans and statistics, Local Amenities and other useful data concerning North Hykeham.
I have been on the look out for a flat up to £235,500 and identified one near me in North Hykeham I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in North Hykeham suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
How does the Landlord & Tenant Act 1954 affect my business offices in North Hykeham and how can your lawyers assist?
The 1954 Act gives security of tenure to commercial lessees, granting the legal entitlement to make a request to court for a renewal lease and continue in occupation when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in North Hykeham