My wife and I are refinancing our penthouse in Mayfield with Skipton. We have a son 19 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, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Skipton conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
I purchased a freehold house in Mayfield yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Mayfield and has limited impact for conveyancing in Mayfield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Just acquired a semi-detached house in Mayfield , how long should it take for the Land Registry to record the transfer to my name? My Mayfield conveyancing solicitor works at snail pace, so I want to be certain the land registry aspects are concluded.
As far as conveyancing in Mayfield registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and whether the Land registry communicate with any interested persons or bodies. As of today roughly three quarters of submission are fully dealt with within two weeks but occasionally there can be extensive hold-ups. Registration takes place once the new owner is living at the premises therefore an expedited registration is not typically primary concern but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing my first flat in Mayfield with a loan from Santander. The builders would not budge the price so I negotiated £7000 of extras instead. The sale representative advised me not inform my conveyancer about the extras as it may impact my mortgage with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We are purchasing a four bedroom housein Mayfield with a mortgage from a bank. We have selected a solicitor in Mayfield yet our bank says he's not approved on their "panel". Apparently we need to choose from the our bank panel solicitors or stay with our Mayfield conveyancer and incur the extra legals for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
Unfortunately,no. The lender mortgage issued is subject to its terms and conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. Until recently, most lenders had open panels, including many conveyancing solicitors in Mayfield : a mortgagee 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your lender.