My son-in-law is purchasing a house that has just been built in Potters Bar with a mortgage from Lloyds. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Potters Bar with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds 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.
When it comes to lenders such as Co-operative, do Potters Bar property lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I recently had an offer accepted on a house in Potters Bar. My financial adviser pressured me to appoint their conveyancer. I paid an on account payment of £200. A couple of days later, the conveyancing practitioner contacted me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Kent Reliance have agreed my mortgage in principle, my bid on a flat in Potters Bar has been accepted, what are the next steps?
The property agent will wish to be informed of your conveyancing practitioner's details (ensure that the conveyancers are on the lender’s approved list). Telephone Kent Reliance or the broker and finish off any appropriate forms. Kent Reliance will instruct a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. Kent Reliance will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Potters Bar.
Are there restrictive covenants that are commonly picked up during conveyancing in Potters Bar?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Potters Bar. 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…’
My husband and I are novice buyers - agreed a price, but the agent advised that the seller will only proceed if we use their recommended conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Potters Bar
It is highly unlikely the vendors are driving this. Should the owner want ‘a quick sale', turning down a serious purchaser is not the way to achieve this. Try to communicate with the sellers directly and make the point that (a)you are serious buyers (b)you are ready to progress, with finances arranged © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your own,trusted Potters Bar conveyancing solicitors - not the ones that will provide their estate agent a kickback or hit his conveyancing targets demanded by head office.
All being well we will complete the disposal of our £325,000 apartment in Potters Bar in just under a week. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Potters Bar?
For the majority of leasehold sales in Potters Bar conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-exchange questions
Where consent is required before sale in Potters Bar
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a garden flat in Potters Bar. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension case for a Potters Bar flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The unexpired term as at the valuation date was 76 years.