My partner and I intend to remortgage our penthouse in Otley with Coventry BS. 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Coventry BS conveyancing panel as he never had to sign this form when we bought 3 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 Coventry BS. This is solely used to protect Coventry 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 Coventry 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.
My property lawyer in Otley is not on the HSBC Bank Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the HSBC Bank panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your preferred Otley lawyers but HSBC Bank will need to instruct a conveyancer on their list of acceptable firms. This will result in additional total legal charges as well as result in frustration.
- Find a new lawyer to to deal with the conveyancing, obviously checking they are HSBC Bank approved.
- Try to convince your HSBC Bank solicitor to seek to join the HSBC Bank panel
Is it the case that all Otley solicitors on the Aldermore conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
I have paid off my mortgage with Barclays. I assume I don't need a Otley solicitor on the Barclays panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Otley. 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 use 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.
I decided to have a survey completed on a property in Otley in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Otley. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm remortgaging my current house to a BTL loan with Lloyds TSB Bank and I will use the ballance of the raised equity as a down payment on another property. The area we are interested in is Otley. Will your solicitors be able to act for both sets of banks and tie in the conveyances?
Make use of our comparison tool on this page to ensure that the conveyancers are approved by both lenders. Assuming that they are your lawyer should be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make apparent your desired outcome and requirements.
I need to appoint a conveyancing solicitor for my conveyancing in Otley. I have stumble across a site which seems to have the ideal offering If there is a chance to get all formalities completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?