Our son is purchasing a house that has just been built in Castleford with a home loan from Clydesdale. His lawyer has said that there is a delay in receiving 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the surveyor 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is 10 years ago since I bought my property in Castleford. Conveyancing lawyers have recently been instructed on the sale but I can't find my deeds. Is this a major issue?
Don’t worry too much. First the deeds may be kept by your mortgage company or they may stored with the solicitor who oversaw your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Castleford involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Can you clarify what the consequences are if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Castleford?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Castleford I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Castleford suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I was advised by numerous selling agents in Castleford to get a quote from a conveyancer on your site. What’s the financial upside for Estate Agents to offer your lawyers over and above a competitor’s?
We refuse to offer any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
My partner has suggested that I use his conveyancers in Castleford. Do I take his recommendation?
No doubt the ideal way to select a conveyancing solicitor is to seek recommendations from friends or family who have used the solicitor that you are are thinking of instructing.