My wife and I are refinancing our apartment in Faversham with Principality. We have a son 18 who lives at home. 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 two questions (1) Is this form unique to the Principality 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 Principality. This is solely used to protect Principality 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 Principality 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.
It is is a decade since I bought my property in Faversham. Conveyancing solicitors have just been retained on the sale but I can't find the deeds. Will this cause complications?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may be archived with the lawyers who oversaw your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Faversham relates to registered property but in the rare situation where your home is unregistered it is more problematic but is not insurmountable.
We are purchasing a end of terrace house in Faversham. The intention is to convert the garage to a playroom at the property.Will the conveyancing process include investigations to ascertain if these alterations are prohibited?
Your conveyancer should review the registered title as conveyancing in Faversham can occasionally reveal restrictions in the title deeds which prevent certain works or necessitated the consent of another owner. Certain works call for local authority planning consent and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these things with a surveyor ahead of any purchase.
I'm the single recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Faversham. The Faversham property was put into my name in November. I want to move. I do know about the CML 6 month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the property in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Some lenders would take a practical view as this provision is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
Last month we had a mortgage agreed in principle with Skipton. Faversham conveyancing solicitors have been selected. How long does it take for Skipton to issue the offer to the solicitor?
Some lenders take longer than others. Have Skipton conducted the valuation? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am looking for a flat up to £235,500 and identified one close by in Faversham I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Faversham in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Fiveweeks into purchasing a residence in Faversham. Conveyancing solicitor has called to say the title is "Leasehold". Will this likely adversely affect the salability of the house?
Faversham conveyancing does not usually involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's essentially freehold, so it’s unlikely to impact the saleability too much.
On the flip side, if it's, say, fifty five years it is bound to have a material impact on the value, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease provided to your lawyer.