Our grandson is about to exchange on a new build apartment in Par with a home loan from HSBC. His lawyer 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 purchase. 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 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Par? What am I being asked for?
Par conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also necessary in accordance with the money laundering regulations as conveyancers have a duty to check that the money you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are buying mortgage free) has come from a reputable source (such as employment savings) as opposed to the product of criminal behaviour.
My fiance and I are buying a newly converted flat in Par with a mortgage from Barnsley Building Society.We like our Par conveyancing practitioner but Barnsley Building Society says his firm is not listed on their approved list of firms. we are left little option but to use a Barnsley Building Society panel lawyer or keep our high street solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Barnsley Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, one of which will be that conveyancers must be on the Barnsley Building Society conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Barnsley Building Society
Should our solicitor be raising enquiries about flooding during the conveyancing in Par.
The risk of flooding is if increasing concern for solicitors dealing with homes in Par. There are those who buy a property in Par, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the buyer or by their solicitors which will figure out the risks in Par. The standard property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine if the property has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a buyer could commence a claim for damages stemming from an incorrect response. A purchaser’s lawyers will also commission an enviro report. This will indicate if there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
Having had my offer accepted I require leasehold conveyancing in Par. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Par - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a basement flat in Par, conveyancing formalities finalised December 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Par with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2087
With 63 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
I'm buying a bungalow in Par. I can find my conveyancer's company on the CLC list, but I can't see my conveyancer's name as listed on the regulator's website. Is this a big problem?
Not every individual in the practice must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unlicensed staff.