My fiance and I swapping mortgage lender for our apartment in Llandysul with Aldermore. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Aldermore conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Aldermore 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 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.
There are numerous conveyancing solicitors in Llandysul but how do I know who's good?
It would be unwise to be seduced by the cheapest Llandysul conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am the only recipient of my late father’s will and I have everything in my name now, including the house in Llandysul. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the property in January. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many mortgage companies would take a pragmatic view as this provision principally exists to pick up on subsales or the wholesaling and assigning of properties.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Llandysul conveyancing practitioner on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
My wife and I own a renovated Georgian house in Llandysul. Conveyancing solicitor represented me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for 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 Llandysul and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who conducted the work.
I am looking for a leasehold apartment up to £235,500 and found one close by in Llandysul I like with a park and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Llandysul in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I'm remortgaging my current home to a buy to let mortgage with HSBC Bank and I will use the ballance of the raised equity as a down payment on further property. The area we are talking about is Llandysul. Will your solicitors be able to act for the two mortgage companies and link together the transactions?
Do use our search tool on this site to be sure that the conveyancers are on the relevant lender panels. Having checked that they are your conveyancer should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and specify your expectations and needs.