My son-in-law is purchasing a newly built flat in Kempsey with a home loan from Nationwide. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Nationwide 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 Nationwide 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 buying a semi-detached house in Kempsey. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Kempsey you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Kempsey.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Kempsey.
Flooding is a growing risk for solicitors dealing with homes in Kempsey. There are those who purchase a property in Kempsey, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that may be undertaken by the purchaser or by their conveyancers which should figure out the risks in Kempsey. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to find out whether the property has suffered from flooding. In the event that the premises has been flooded in past which is not revealed by the owner, then a purchaser may issue a compensation claim as a result of such an inaccurate answer. The purchaser’s conveyancers may also commission an enviro search. This should reveal if there is a recorded flood risk. If so, further investigations should be made.
How does conveyancing in Kempsey differ for new build properties?
Most buyers of new build residence in Kempsey contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Kempsey usually acquire 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 conveyancers 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 Kempsey or who has acted in the same development.
I own a leasehold house in Kempsey. Conveyancing and Aldermore mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Kempsey who acted for me is not around. Do I pay?
First contact the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Kempsey conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a garden flat in Kempsey, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Kempsey with a long lease are worth £186,000. The ground rent is £55 yearly. The lease finishes on 21st October 2078
With only 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
My wife and I have selected a Kempsey conveyancing solicitor for our house purchase (novice purchasers) and have noticed in the Ts and Cs that they are not overseen by the FCA. Am I right to be worried or is that the norm with lawyer?
We can't see why they should be. Most property lawyer don't lend money. You should check that they are regulated by the SRA, who set stringent laws in place on monies held by them.