My wife and I changing mortgage lender for our apartment in Meopham with Kent Reliance. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Kent Reliance 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?
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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
Is it correct that all Meopham CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
It is true that some banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Meopham building society branch on numerous occasions and was told they are content with the situation and they will lend. My Meopham conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their specific requirements. Who do I believe?
Provided that the lawyer is on the lender panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in July 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin Money are being a right pain. The Meopham solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Meopham differ for new build properties?
Most buyers of new build property in Meopham approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Meopham usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Meopham or who has acted in the same development.
My husband and I are new to the buying process - had an offer accepted, but the selling agent told us that the vendor will only go ahead if we use their recommended solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Meopham
We suspect that the seller is unaware of this ultimatum. If they require ‘a quick sale', alienating a genuine buyer is going to damage their objectives. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you are going to instruct your own,trusted Meopham conveyancing firm - as opposed tothose that will give their estate agent a kickback or meet his conveyancing thresholds set by head office.
What makes a Meopham lease unmortgageable?
Leasehold conveyancing in Meopham is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Meopham Leasehold Conveyancing - Sample of Queries before Purchasing
It would be wise to discover if the the lease contains any unreasonable restrictions in the lease. For instance it is very common in Meopham leases that pets are not permitted in certain buildings in Meopham. If you like the apartmentin Meopham however your dog is not allowed to make the move with you then you will be presented with a hard choice. How many of the leaseholders are in arrears for their service charge payments? It is important to be aware if fixing the lift or some other significant cost is anticipated that will be shared between the leasehold owners and will dramatically increase the the maintenance fees or result in a specific invoice.