Our grandson is purchasing a house that has just been built in Leyton with a home loan from Leeds Building Society. His conveyancer has said that there is a delay in receiving 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I got the keys to my house on 13 October and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Leyton expressed confidence that it should be recorded in less than a month. Are properties in Leyton particularly slow to register?
There is nothing unique about conveyancing in Leyton registration formalities. Rather than based on location, timeframes can differ depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. Currently roughly 80% of such applications are fully dealt with in less than three weeks but some can be subject to longer delays. Registration is effected after the new owner is living at the property thus 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Leyton differ for new build properties?
Most buyers of new build property in Leyton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Leyton tend to buy the land, 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 accustomed to new build conveyancing in Leyton or who has acted in the same development.
My husband and I are FTB’s - agreed a price, yet the property agent has warned us that the vendor will only issue a contract if we instruct the agent's preferred solicitors as they are insisting on an ‘expedited deal’. We would rather use a high street solicitor who is accustomed to conveyancing in Leyton
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Avoid the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your preferred Leyton conveyancing firm - not the ones that will earn the negotiator at the agency a introducer fee or hit his conveyancing figures set by senior management.
I have just started marketing my basement flat in Leyton. Conveyancing solicitors are to be appointed soon, however I have recently had a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as usual because all ground rent and service invoices will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Leyton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Leyton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Leyton property is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.02 years.
I have today had an offer accepted on an apartment in Leyton and the estate agent that we are dealing with recommended his conveyancer. They quoted £1000 excluding VAT and 3rd party costs. Does this sound reasonable?
Don't just go on a single estimate. You should obtain like-for-like quotes for your conveyancing in Leyton. Then select one that you trust and just as important, is on the approved panel of the lender that you are sourcing your mortgage from.