My son is purchasing a newly built flat in Lisson Grove with a home loan from Nottingham. His solicitor 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 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 Nottingham conveyancing panel as a standard part of the process, and to the surveyor 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for conveyancing in Lisson Grove?
Where you are retaining lawyers for conveyancing in Lisson Grove your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be required shortly before contracts are exchanged. The final balance that is needed will be payable shortly before completion.
I am thinking of refinancing my property in Lisson Grove, does my lawyer need to be on the Leeds Building Society Solicitor panel?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Are there restrictive covenants that are commonly picked up during conveyancing in Lisson Grove?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Lisson Grove. 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 have been on the look out for a leasehold apartment up to £195,000 and found one near me in Lisson Grove I like with amenity areas and transport links nearby, the downside is that it only has 61 years on the lease. There is not much else in Lisson Grove suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
We're first time buyers - agreed a price, but the agent advised that the vendor will only move forward if we use the agent's recommended lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street solicitor accustomed to conveyancing in Lisson Grove
It is highly unlikely the owners are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Lisson Grove conveyancing firm - not the ones that will give the estate agent a kickback or achieve conveyancing figures pre-set by corporate headquarters.