My god-son is purchasing a house that has just been built in Colney Hatch with a home loan from Barclays. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Barclays conveyancing panel as a standard part of the process, and to the valuer when asked. 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the Colney Hatch conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Colney Hatch conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Should my solicitor be raising enquiries about flooding as part of the conveyancing in Colney Hatch.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Colney Hatch. There are those who purchase a property in Colney Hatch, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Colney Hatch. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out whether the premises has suffered from flooding. If the residence has been flooded in past and is not notified by the seller, then a buyer may bring a legal claim for losses as a result of such an inaccurate response. The buyer’s solicitors should also commission an environmental search. This will disclose whether there is a recorded flood risk. If so, additional investigations will need to be made.
I have todayfound out that Stirling Law have closed. They conducted my conveyancing in Colney Hatch for a purchase of a freehold house 9 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Colney Hatch conveyancing specialists.
How does conveyancing in Colney Hatch differ for new build properties?
Most buyers of new build residence in Colney Hatch approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Colney Hatch typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Colney Hatch or who has acted in the same development.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Colney Hatch. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Colney Hatch are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Colney Hatch so you should seriously consider looking for a Colney Hatch conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
My wife and I have hit a brick wall in trying to purchase the freehold in Colney Hatch. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Colney Hatch conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Colney Hatch premises is 90 & 96 Poplar Grove in June 2013. It was held by the Tribunal that the premium to be paid for the new lease in respect of each of the flats referred should be £17,942 This case was in relation to 2 flats. The remaining number of years on the lease was 68 years.