My husband and I intend to remortgage our apartment in Whitehaven with Lloyds. 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Lloyds conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) Does our son by signing this extinguish 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Whitehaven I like with open areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Whitehaven in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How difficult is it to change conveyancer as I have to appoint a firm on the Lloyds TSB Bank conveyancing panel. I was using a family conveyancing solicitor in Whitehaven five minutes from me but the firm is not accepted by Lloyds TSB Bank
It would be our pleasure to help you find a conveyancing solicitor in Whitehaven on the Lloyds TSB Bank panel. Please note that the property lawyers that we work with do not pay us a referral fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Whitehaven. In utilising the find a conveyancing solicitor tool on this website, you can scrutinise charges for conveyancing solicitors in Whitehaven and throughout England and Wales.
Is it best to choose a Whitehaven conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can handle the legal formalities but his firm is located over three hundred miles away.
The primary upside of using a local Whitehaven conveyancing practice is that you can drop in to execute documents, present your ID and apply pressure on them where appropriate. Having local Whitehaven know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were happy that should trump using an unknown Whitehaven conveyancing lawyer solely due to them being local.
My wife and I have recently appointed a conveyancing solicitor in Whitehaven. I need to find out if they are listed on the lender's conveyancing panel. Could you help?
It’s a good idea phone the lawyer and ask them if they are on the bank's panel. If that does not help get in touch with us and we can investigate and revert. Should the firm not be on the conveyancing panel we can certainly arrange a reputable conveyancing solicitor in Whitehaven on the approved list for your mortgage company.