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i'm in the middle of the conveyancing stage, purchasing a property. My mother is giving me the deposit, and was interested in having something in law that meant in the event the property is sold, she would get her deposit back. No interest payment is required, or any monthly payments.
This got me investigating second charges.
I spoke to my lender, Natwest. Who said they have no issue at all with second charges in this regard, no impact on affordability as i don't have to pay it back unless house is sold.
I spoke to Land registry, who said that forms CH1 and AP1 need to be filled in to place a second legal charge, and it could be done by the purchasing solicitor.
I spoke to my solicitor, who said nope, it cannot be filled in by them as there would be a conflict of interest with my mother, and therefore she is not willing to fill in those forms to obtain a second legal charge.
I don't understand why there would be a conflict of interest, given that all i want to do is inform land registry of a second charge.
That, and the fact that land registry said the purchasing solicitor can do it.
Who is right, who is wrong?
This got me investigating second charges.
I spoke to my lender, Natwest. Who said they have no issue at all with second charges in this regard, no impact on affordability as i don't have to pay it back unless house is sold.
I spoke to Land registry, who said that forms CH1 and AP1 need to be filled in to place a second legal charge, and it could be done by the purchasing solicitor.
I spoke to my solicitor, who said nope, it cannot be filled in by them as there would be a conflict of interest with my mother, and therefore she is not willing to fill in those forms to obtain a second legal charge.
I don't understand why there would be a conflict of interest, given that all i want to do is inform land registry of a second charge.
That, and the fact that land registry said the purchasing solicitor can do it.
Who is right, who is wrong?
