Our god-son is in the process of securing a newly built flat in Plymouth with a home loan from Barclays. His lawyer has advised him of 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I used Action Conveyancing several years past for my conveyancing in Plymouth. Now, I need the documents but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Plymouth of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Plymouth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Plymouth
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been on the look out for a flat up to £195,000 and found one round the corner in Plymouth I like with amenity areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Plymouth for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I was recommended by a few estate agents in Plymouth to find a conveyancer on your site. What’s the financial incentive for Estate Agents to promote your lawyers over another?
We don’t offer any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
We are first time buyers just having agreed a price on a property in Plymouth, and are now looking to get solicitors appointed. I have made use of the different rating based websites and the quotes are from all across the England and Wales. Is it necessary to have a Plymouth solicitor local to your prospective property? We are content to do all the communicating electronically, but I guess at some point we may be required to attend the solicitor's office to sign contracts?
The lawyer does not have to be in Plymouth, but opting for local means that you have the option to go in if needed, for instance, if a signature is immediately necessary. In addition, a Plymouth solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancing practitioner) with them, which will help smooth the process.