My partner and I are refinancing our apartment in Ferring and Goring with Coventry BS. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
A colleague recommended that if I am purchasing in Ferring and Goring I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Ferring and Goring conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Ferring and Goring around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Ferring and Goring Education with maps and statistics, Local Amenities and other useful data regarding Ferring and Goring.
Are there restrictive covenants that are commonly identified as part of conveyancing in Ferring and Goring?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ferring and Goring. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Ferring and Goring benefiting from help to buy. The builders would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my conveyancer about this side-deal as it will jeopardize my mortgage with Britannia. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been pointed in your direction by numerous property agents in Ferring and Goring to get a quote from a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your site rather than a competitor’s?
We don’t give any commission for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
Do I cancel the direct debit for my mortgage with Leeds Building Society as soon as a completion date for my home sale in Ferring and Goring has been set?
No, you should keep paying any mortgage payments to Leeds Building Society until the mortgage is redeemed on completion as part of your Ferring and Goring conveyancing.