My wife and I intend to remortgage our maisonette in Walton on the Naze with Principality. 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, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Principality conveyancing panel solicitor is doing the right thing 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 Principality. This is solely used to protect Principality 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 Principality 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.
It is 10 years ago since I bought my house in Walton on the Naze. Conveyancing solicitors have just been instructed on the sale but I can't find the deeds. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be with the mortgage company or they may be archived with the conveyancers who handled the purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Walton on the Naze involves registered property but in the unlikely event that your home is not registered it is more problematic but is not insurmountable.
I had intended to instruct a property lawyer in Walton on the Naze for our house purchase. Our broker informed us that our bank Halifax won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Walton on the Naze conveyancing firms would have been on most mortgage company panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Walton on the Naze conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Walton on the Naze is amongst the hundreds of areas where the solicitors we recommend are are authorised to act for Halifax.
My wife and I purchased a 4 bedroom Georgian house in Walton on the Naze. Conveyancing solicitor acted for me and Santander. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching property. Is it worth asking Santander to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Walton on the Naze and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing lawyer who conducted the purchase.
Having had my offer accepted I require leasehold conveyancing in Walton on the Naze. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Walton on the Naze - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Walton on the Naze Leasehold Conveyancing - A selection of Queries Prior to buying
Where a Walton on the Naze lease has less than 80 years it will impact the salability of the property. It is worth checking with your bank that they are happy with the length of the lease. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you will need to own the residence for 24 months before you are eligible to exercise a lease extension. How much is the ground rent and service charge? Is the freehold reversion owned collectively by the leaseholders?