Our nephew is about to exchange on a newly built flat in Princes Risborough with a mortgage from Coventry BS. His solicitor has advised him of a delay in completing 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS 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 Coventry BS 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 Princes Risborough last July yet the purchaser is e-mailing every few hours to say their conveyancer is waiting to hear from mylawyer. What should have happened following completion?
Following your sale your lawyer should forward the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer must also send confirmation that the legal charge in favour of the lender has been paid off to the purchasers conveyancers. There are no post completion tasks just for conveyancing in Princes Risborough.
We are selling our apartment in Princes Risborough. Does my conveyancer need to be required to be on the UBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
How does conveyancing in Princes Risborough differ for newly converted properties?
Most buyers of new build property in Princes Risborough contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Princes Risborough usually buy 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 conveyancers 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 accustomed to new build conveyancing in Princes Risborough or who has acted in the same development.
How do I search for a Princes Risborough law firm on the HSBC Bank conveyancing panel? I am a keen cyclist and am prepared to travel upto 20kilometers to meet the solicitor.
You can use the search on this page. Please pick a bank and your location and you will see a number of Princes Risborough conveyancing lawyers located nearest you. We have listed some Princes Risborough conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the HSBC Bank approved list
I am employed by a long established estate agency in Princes Risborough where we see a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Princes Risborough conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Princes Risborough Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
-
It is important to be aware whether redecorating or some other major work is coming up to be shared between the leaseholders and may well dramatically increase the the maintenance charges or result in a one off invoice. Who is in charge of the building? Is the freehold owned collectively by the leaseholders?