My wife and I intend to remortgage our penthouse in Lincolnshire with Aldermore. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this form unique to the Aldermore conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this compromise 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
I happen to be the sole recipient of my late father’s will with all property in now in my sole name, including the my former home in Lincolnshire. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the bank as this requirement primarily exists to pick up on subsales or the wholesaling and assigning of properties.
Is there a list of Virgin Money panel solicitors in Lincolnshire on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few mortgage companies make their panel listings open the public online. Where you are seeking to appoint a Lincolnshire lawyer on the Virgin Money please use our facility.
Intending to buy a apartment in Lincolnshire. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lincolnshire conveyancing practitioner is on the Coventry BS conveyancing panel.
I opted to have a survey carried out on a house in Lincolnshire ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not grant a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can investigate further via 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 Lincolnshire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lincolnshire to see if the conveyancing costs will increase in light of this.
I own a leasehold house in Lincolnshire. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Lincolnshire who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Lincolnshire conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a 1 bedroom flat in Lincolnshire, conveyancing having been completed July 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Lincolnshire with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2074
With 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I note that you have a post code search directory listing solicitors on the bank conveyancing panel. Do Lincolnshire conveyancing firms pay you a commission if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Lincolnshire.