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Showing posts from February, 2015

Tips for parents helping their child onto the property ladder

Helping your child onto the property ladder has become a natural and common thing to do these days. 
There is however more to this than simply handing over the cash.  In this article  we look to highlight some pointers which every parent should keep in mind when planning to provide financial assistance. 
The first point, and one which is pretty fundamental, is to consider whether you can purchase the property outright.  If this is not possible then you will need to do some research to find the best mortgage product available.  Lenders are more vigilant than ever during the mortgage application process  and it is therefore essential to be honest about your financial circumstances. Don't exaggerate your income to secure a larger mortgage. If you are helping with a gift and your child is applying for a mortgage make sure they disclose your gift to the lender.  
You may be  advised to make sure you put your names on the title deeds.  You will need to ensure the property is registered at …

Understanding Leasehold title plans

In October 2014 the Land Registry changed its policy on how it creates Leasehold Plans.
Before the 20th October the Land Registry looked to replicate the intricate details from the large leasehold plans showing the precise layout of property at a large scale.
The problem with this was that this was often potentially misleading when considering the smaller scale Ordnance Survey maps used by the Registry.  
A review of this practice revealed a variance in approach and for this reason a change in policy was needed to make sure that the focus on the mapping of leasehold floor levels was put back on the lease plan.
The new policy still requires the Registry to show the extent of the land in a lease but when it comes to dealing with larger developments this is more likely to be recorded on the landlord’s title with the tenant’s title plan showing only the outline of the building as shown on the Ordnance Survey Plan
By adopting this new approach the Registry hope it will be easier to understa…

The Veyo revolution is a non-starter

I read recently that the Law Society joint venture Veyo intends to bring residential conveyancing into the 21st century.    A revolution is on its way?  Well, this is what the Law Society would like us to believe.
So much so Veyo has and continues to spend a vast amount of money on its attempt to convince professionals and the homeowner that despite working within the tight constraints of an archaic conveyancing system, which has more or less remained untouched since the average weekly wage was about £5, its online portal with functions to allow a client to communicate with his or her solicitor without picking a phone up, will magically speed up the conveyancing process.
I am not sure whether its naivety or sheer arrogance on the part of those behind Veyo, but one thing is for sure, the product which has yet to materialise, is not, despite the claims to the contrary, a magic bullet to cure what are and continue to be a fundamental flaws with the home selling and buying process as well…

Clients Guide on what to check with their conveyancer when purchasing a leasehold property

You instruct a conveyancer to act and look after your interests when purchasing a leasehold property.   You go to that conveyancer to ensure he exercises the skill and care required to ensure that the property you are purchasing can become a home free of legal issues.  
As part of that due diligence process your conveyancer will send to you information about the lease as well as a copy of the lease for you to read through.   He will if he does his job correctly identify what might be wrong with the lease and what he suggests should be done to sort any problems.
This may all be very daunting and in effort to help you understand what to look for and what to query if your conveyancer fails to cover an aspect I have set out below some ( and it’s not intended to be an exhaustive and comprehensive list )  common points to keep in mind:
Have you been provided with a completed copy of the lease?
Has your copy been signed?
How many years does the Lease have to run?  If the remaining term is under…

What is the Lender Exchange and how does to provide benefit to conveyancing clients?

The Lender Exchange is a service designed by Decision First to aid communication between solicitors and lenders. It is intended, writes Katie Easter, Trainee Solicitor with MJP Conveyancing, to reduce the risk of fraud by providing a secure portal for exchanging information. 
The lenders currently working with lender Exchange are Lloyds Banking Group, Royal Bank of Scotland Group, Santander and HSBC Bank.
What are the benefits for clients?
The benefits of Lender Exchange include reduced administration which is designed to prevent delays for clients. The system enables lenders to send mortgage offers to solicitors electronically which is much quicker than more traditional post or Document Exchange. At MJP Conveyancing we are well equipped for receiving documents electronically which means that we can deal with documents received through Lender Exchange efficiently.
Mortgage offers are usually accompanied by forms such as Mortgage Deeds which we provide to our clients for their signature. …