Our son-in-law is purchasing a newly built flat in Morden Park with a home loan from HSBC. 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Morden Park last January yet the purchaser is calling me complaining that his lawyer is waiting to hear from mysolicitor. What are the post completion sale legalities following completion?
Following your sale your solicitor is duty bound to deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also evidence that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There are no post completion tasks just for conveyancing in Morden Park.
We're in Morden Park, FTBs buying with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Morden Park differ for new build properties?
Most buyers of new build property in Morden Park come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Morden Park tend to purchase 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 property lawyers 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 Morden Park or who has acted in the same development.
I am selling my home. My previous solicitors has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Morden Park if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Morden Park. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I work for a busy estate agent office in Morden Park where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Morden Park conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Morden Park. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the price payable.
An example of a Lease Extension matter before the tribunal for a Morden Park residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The remaining number of years on the lease was 60.43 years.