Our nephew is in the process of securing a new build apartment in Newington with a mortgage from RBS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How does conveyancing in Newington differ for newly converted properties?
Most buyers of new build property in Newington come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Newington typically buy the site, 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 Newington or who has acted in the same development.
I was pointed in your direction by numerous property agents in Newington to find a solicitor on your site. What’s the financial incentive for Estate Agents to offer your site rather than another?
We refuse to make any referral fee for directing people to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
My husband and I are FTB’s - had an offer accepted, yet the property agent informed us that the vendor will only go ahead if we instruct their recommended conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a family conveyancer used to conveyancing in Newington
We suspect that the owner is not behind this requirement. Should the owner desire ‘a quick sale', turning down a genuine buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make the point that (a)you are serious buyers (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Newington conveyancing firm - not the ones that will give their negotiator at the agency a kickback or achieve conveyancing figures demanded by corporate headquarters.
What are your top tips when it comes to appointing a Newington conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Newington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Newington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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What are the costs for lease extension work? If the firm is not ALEP accredited then why not?
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Newington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Newington conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Newington property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The remaining number of years on the lease was 107 years.
I'm selling a property in Newington. I have found my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name on the list. Is this a big problem?
Not every individual in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unqualified staff.