My partner and I intend to remortgage our maisonette in Cowbridge with Nottingham. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Nottingham conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
My husband and I are hoping to buy a purpose built apartment in Cowbridge with a mortgage from HSBC Bank.We use our Cowbridge conveyancing lawyer but HSBC Bank says he's not on their "panel". We have to appoint a HSBC Bank panel solicitor or keep our local solicitor and pay for a HSBC Bank panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, one of which will be that lawyers needs to be on the HSBC Bank approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Cowbridge I like with a park and railway links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Cowbridge suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Is it simple use your search tool to locate a conveyancing solicitor in Cowbridge on the approved list for my bank?
1st choose a lender such as Yorkshire Building Society, Virgin Money or Platform Home Loans Ltd then choose your preferred area for example Cowbridge. Conveyancing organisations in Cowbridge and nationally should be shown.
There are a number of lawyers listed on your site but can you recommend a good conveyancer to do the buying of a flat in Cowbridge. We are hoping to secure the flat for £240000 with a mortgage from Virgin Money. We live in Cowbridge but dont care where they are.
The purpose of this site is restricted to being a directory service for lawyers who wish to be listed as being on the approved conveyancing panel for Virgin Money in certain areas such as Cowbridge . Our intention is not to recommend any specific property lawyer.