Our son is about to exchange on a newly built flat in Haltwhistle with a home loan from Co-operative. His conveyancer has advised him of 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 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 Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Haltwhistle is more expensive?
Haltwhistle leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Are there restrictive covenants that are commonly identified during conveyancing in Haltwhistle?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Haltwhistle. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Haltwhistle is the location of the property. Can you offer any guidance?
Flying freeholds in Haltwhistle are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Haltwhistle 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 Haltwhistle 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 property.
We're FTB’s - had an offer accepted, yet the estate agent has warned us that the seller will only proceed if we appoint their chosen solicitors as they want a ‘quick sale’. Our preferred option is to instruct a family conveyancer used to conveyancing in Haltwhistle
We suspect that the seller is not behind this requirement. Should the vendor desire ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to use your preferred Haltwhistle conveyancing solicitors - not the ones that will earn their negotiator at the agency a commission or meet his conveyancing figures pre-set by HQ.
Our solicitor in Haltwhistle has identified a a problem with the lease for the property we are buying in Haltwhistle. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.