Me and my partner are acquiring a flat in Hingham. My Conveyancer has never been on on the lender conveyancing panel. Is it possible for me to use my Hingham conveyancing solicitor notwithstanding that they are not on the lender panel?
You have a couple of alternatives open to you here
- Carry on with your preferred Hingham property lawyer but your bank will no doubt appoint a conveyancing practitioner on their approved panel. The net result is additional fees together with probable delay.
- Choose a fresh property lawyer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to attempt to join the mortgage company panel
My partner and I intend to remortgage our flat in Hingham with RBS. We have a son approaching twenty who lives at home. 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 a couple of concerns (1) Is this document specific to the RBS conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this giving up 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 RBS. This is solely used to protect RBS 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 RBS 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 wanted to use a conveyancing solicitor in Hingham for our house purchase. Our financial adviser informed us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
A mortgage company will insist on an approved solicitor act for it. Borrowers are expected to bear the cost of this. Do use our directory service to get a quote from a solicitor to conduct conveyancing in Hingham on the The Royal Bank of Scotland conveyancing panel.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Hingham is where the house is located. Is there any guidance you can impart?
Flying freeholds in Hingham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hingham you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hingham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My partner and I may need to rent out our Hingham garden flat for a while due to taking a sabbatical. We used a Hingham conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Hingham do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I purchased a split level flat in Hingham, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Hingham with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2085
With 66 years unexpired the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.