My partner and I intend to remortgage our apartment in Colwyn Bay with HSBC. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 property is forfeited by the lender. I have two concerns (1) Is this document specific to the HSBC conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
We are purchasing a property and require a conveyancing solicitor in Colwyn Bay who is on the UBS approved panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in Colwyn Bay.
I am about to put a bid on a leasehold property in Colwyn Bay. The estate agents tell me that it is standard for flats in Colwyn Bay to have less than 75 years unexpired on the lease. I am getting a mortgage with Virgin. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/11/2024 the requirements read as follows :
Do I need to be suspicious about estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Colwyn Bay conveyancing firm?
As with many professional services, often referrals from connections can be worth their weight in gold. Nevertheless there are lots of parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all recommend lawyers to select. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a commercial relationship behind the endorsement. You have the right to appoint your preferred conveyancer. You need to be aware that the majority of mortgage providers operate an approved list of solicitors you must use for the lender related work in your house move.
My husband and I are FTB’s - had an offer accepted, yet the estate agent has warned us that the owners will only issue a contract if we use the agent's preferred conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor accustomed to conveyancing in Colwyn Bay
We suspect that the seller is not behind this requirement. Should the vendor desire ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Colwyn Bay conveyancing lawyers - as opposed tothose that will earn the negotiator at the agency a introducer fee or hit his conveyancing thresholds demanded by head office.