My son-in-law is buying a house that has just been built in Bangor with a mortgage from Nationwide. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bangor? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Bangor. Nowadays you will not be able to proceed with any conveyancing process in the absence submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Please note that if you are supplying your driving licence as evidence of identification it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Verification of the origin of money is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor must have this information on record. Your Bangor conveyancing solicitor will require evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask further questions concerning the origin of funds.
When it comes to mortgage companies such as Nationwide, do Bangor lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Can I be sure that the Bangor conveyancing solicitor on the Yorkshire BS panel is any good?
When it comes to conveyancing in Bangor seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your transaction.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Bangor solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Bangor postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Bangor.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bangor. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bangor
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Bangor I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Bangor suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Estate agents have just been given the go-ahead to market my basement apartment in Bangor. Conveyancing is yet to be initiated, but I have just had a yearly service charge demand – what should I do?
The sensible thing to do is pay the service charge as normal as all rents and maintenance charges will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a 2 bed flat in Bangor, conveyancing was carried out in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Bangor with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2091
With only 66 years left to run the likely cost is going to be between £11,400 and £13,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.