My partner and I changing mortgage lender for our maisonette in Rowlands Gill with Co-operative. We have a son approaching twenty 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 flat is repossessed. I have a couple of concerns (1) Is this form unique to the Co-operative conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement 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 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.
I am purchasing a right to buy a flat in Rowlands Gill. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Rowlands Gill you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Rowlands Gill.
I currently have a mortgage with Lloyds for my property in Rowlands Gill. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval prior to renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
I can not fathom if my lender requires a lease extension. I have called into my local Rowlands Gill bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Rowlands Gill conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nottingham have agreed my mortgage in principle, my bid on a property in Rowlands Gill has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Call up Nottingham or the broker and finalise any outstanding documentation. Nottingham will appoint a valuer who will get in touch with the selling agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Nottingham will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rowlands Gill.
A colleague suggested that if I am purchasing in Rowlands Gill I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Rowlands Gill conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Rowlands Gill around the property and the people living there. It includes 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, Local Education with maps and statistics, Local Amenities and other useful information regarding Rowlands Gill.
I was advised by numerous estate agents in Rowlands Gill to choose a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your site ahead of another?
We don’t give any commission for sending work in our direction. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.