My wife and I are refinancing our flat in Mersea Island with TSB. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults 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 flat is repossessed. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we remortgaged 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 TSB 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 TSB. This is solely used to protect TSB 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 TSB 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 own a freehold property in Mersea Island yet charged rent, why is this and what is this?
It’s unusual for properties in Mersea Island and has limited impact for conveyancing in Mersea Island 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather use a Mersea Island based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers should you accept the "fee-free" offer. Speak to the bank and ask if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Mersea Island.
This question may be naive but I am unexperienced as a first time purchaser of a garden flat in Mersea Island. Do I receive the keys to the premises on the completion date from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Mersea Island?
On the day of completion you will not be required to attend the conveyancers office in Mersea Island. Your solicitors will arrange to send the completion advance to the seller's solicitors, and shortly after the monies have arrived, you should be invited to receive the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
My solicitor has informed me that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Mersea Island?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Mersea Island conveyancing lawyers have been appointed. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
Some lenders take longer than others. Have Kent Reliance done the valuation? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My wife and I have a terraced Georgian house in Mersea Island. Conveyancing lawyer represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mersea Island and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing lawyer who conducted the work.