Our god-son is about to exchange on a newly built flat in Kentish Town with a home loan from Yorkshire BS. His solicitor has said that there is 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 Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer in Kentish Town is not on the Nottingham Building Society Approved Panel. Can I still continue with my family solicitor even though they are not on the Nottingham Building Society list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Kentish Town lawyers but Nottingham Building Society will need to retain a solicitor on their list of acceptable firms. This will result in additional total legal charges as well as cause frustration.
- Choose an alternative lawyer to act in the conveyancing, not forgetting to check they are Convince your lawyer to do everything within their powers to join the Nottingham Building Society conveyancing panel
Are all Kentish Town Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Kentish Town solicitor on the Nottingham panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Yorkshire BS have agreed my home loan in principle, my offer on a apartment in Kentish Town has been accepted, what are the next steps?
Your estate agent will want to be advised as to your conveyancer's details (ensure that the solicitors are on the bank’s panel). Call up Yorkshire BS or your financial adviser and finish off any relevant forms. Yorkshire BS will sellect a valuer who will get in touch with the estate agent or owners to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Kentish Town.
My wife and I are downsizing from our property in Kentish Town and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know this is not the case. It does beg the question why the purchasers used an online conveyancing firm rather than a conveyancing solicitor in Kentish Town. Having lived in Kentish Town for 5 years we know of no issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I have justdiscovered that Stirling Law have been shut down. They carried out my conveyancing in Kentish Town for a purchase of a freehold house 12 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest method to check if the premises is in your name, you can make 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 Kentish Town conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Kentish Town I like with amenity areas and station in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Kentish Town for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.