Our nephew is buying a newly built flat in Chessington with a home loan from Skipton. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document 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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the registered owner of a freehold residence in Chessington yet invoiced for rent, why is this and what is this?
It is rare for properties in Chessington and has limited impact for conveyancing in Chessington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chessington. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 21/3/2019, the requirements read as follows :
My uncle pointed out to me me that in purchasing a property in Chessington there may be various restrictions prohibiting external alterations to the property. Is this right?
There are anumerous of properties in Chessington which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Chessington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
After much negotiation I have agreed a price on an apartment in Chessington. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. Shortly after, the conveyancing practitioner called me to say that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Chessington is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Chessington is where the house is located. Can you offer any guidance?
Flying freeholds in Chessington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chessington you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chessington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Should I be suspicious about estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Chessington conveyancing company?
As is the case with many service providers, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest conveyancers to instruct. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the recommendation. You are at liberty to appoint your own lawyer. You need to be aware that many lenders have an approved list of solicitors you are obliged to use for the lender related work in your transaction.