My fiance and I intend to remortgage our maisonette in Merton with Kent Reliance. We have a son approaching twenty who lives at home. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Kent Reliance 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 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 there a list of Virgin Money panel conveyancers in Merton on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public on the web. Where you are looking for a Merton conveyancer on the Virgin Money please make the most of our facility.
Completion of my remortgage has taken place for my property in Merton. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I was told two weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Merton is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will my conveyancer be raising questions regarding flooding during the conveyancing in Merton.
Flooding is a growing risk for solicitors specialising in conveyancing in Merton. Some people will purchase a property in Merton, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Merton. The conventional set of information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to discover whether the premises has historically flooded. If flooding has previously occurred and is not revealed by the owner, then a buyer may issue a compensation claim resulting from an incorrect response. A buyer’s solicitors will also order an environmental report. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
I am purchasing a new build house in Merton with a mortgage from Yorkshire Building Society. The builders would not reduce the price so I negotiated 6k of additionals instead. The sale representative advised me not inform my lawyer about this deal as it would adversely affect my mortgage with the bank. 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 UK Finance website. UK Finance 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 am looking for a leasehold apartment up to £245,000 and identified one close by in Merton I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Merton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Last June I purchased a leasehold flat in Merton. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Merton Leasehold Conveyancing - Sample of Queries before Purchasing
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Is there a share of the freehold? The prefered form of lease arrangement is a share of the freehold. In this situation the tenants benefit from control and although a managing agent is often employed where it is larger than a house conversion, the managing agent is directed by the tenants.