Our son-in-law is buying a new build apartment in Greenwich with a home loan from Principality. His conveyancer has advised him of a delay in receiving 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What happens if my solicitor is suspended from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Greenwich?
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 am purchasing a new build house in Greenwich with the aid of help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not reveal to my conveyancer about the deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My husband and I are first time buyers - had an offer accepted, but the property agent told us that the owners will only go ahead if we use the agent's recommended conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a high street solicitor used to conveyancing in Greenwich
It is highly unlikely the sellers are behind this. Should the owner want ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you intend to appoint your preferred Greenwich conveyancing firm - not the ones that will earn their estate agent a commission or hit his conveyancing thresholds demanded by senior management.
I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Greenwich. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Greenwich are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Greenwich in which case you should be shopping around for a Greenwich conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Greenwich. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension case for a Greenwich property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case related to 2 flats. The unexpired term as at the valuation date was 72 years.
How much experience do your Greenwich conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Greenwich conveyancing lawyers help thousands of buyers move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Greenwich conveyancers have worked on recent similar matters.