My husband and I are refinancing our penthouse in New Cross with Santander. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this document specific to the Santander conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement 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 Santander. This is solely used to protect Santander 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 Santander 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 residence in New Cross but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in New Cross and has limited impact for conveyancing in New Cross 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 have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I completed on my flat on 1 August and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in New Cross said it would be concluded in less than a month. Are transfers in New Cross uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in New Cross registration formalities. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. As of today roughly 80% of such applications are fully dealt with within two weeks but occasionally there can be longer delays. Historically registration is effected once the new owner has moved in to the property therefore post completion formalities is not always primary concern but where there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
I am buying a new build house in New Cross with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not reveal to my solicitor about the extras as it would adversely affect my loan with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in New Cross prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders may refuse to grant a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in New Cross. Conveyancing may be slightly more expensive based on your lender's requirements.
Are the New Cross conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
New Cross firms and firms carrying out conveyancing in New Cross themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.