My fiance and I are refinancing our penthouse in Rochdale with Clydesdale. We have a son approaching twenty who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document 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 Clydesdale conveyancing panel as he did not need to sign this form when we purchased 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
Is there a reason why leasehold purchase conveyancing in Rochdale costs more?
Rochdale leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am about to put an offer on a leasehold flat in Rochdale. The estate agents say that it is the norm for flats in Rochdale to have less than 75 years unexpired on the lease. I am expecting a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 11/5/2022 the requirements read as follows :
I have justbeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Rochdale for a purchase of a leasehold apartment 18 months ago. How can I check that my home is registered correctly in the name of the previous owner?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rochdale conveyancing specialists.
I'm converting the mortgage on my primary house to a buy to let mortgage with Accord Mortgages Ltd and I will use the ballance of the raised equity towards another house. The location we are talking about is Rochdale. Will your conveyancers be able to act for both sets of lenders and link together the transactions?
Do use our comparison tool on this site to check that the lawyers are approved by both mortgage companies. On the basis that they are your solicitor should be able to connect the two deals but you should talk with you lawyer and make apparent your expectations and requirements.