My son is purchasing a new build apartment in Queenborough with a mortgage from HSBC. His conveyancer 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 involved 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 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you point me to a directory of Barclays panel conveyancers in Queenborough on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings open the public over the internet. Where you are looking for a Queenborough conveyancing practitioner on the Barclays please use our tool.
We previously instructed conveyancing lawyers located in Queenborough on the Virgin Money solicitor panel. They have just billed me a further charge for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. The charge is not set by Virgin Money but by your Queenborough conveyancing practitioner. Some firms on the Virgin Money panel will levy ’dealing with mortgage’ fee but many firms include it on their overall fee.
Two weeks ago we had a mortgage agreed in principle with UBS. Queenborough conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from UBS?
Some lenders take longer than others. Have UBS conducted the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Do commercial conveyancing searches reveal planned roadworks that could affect a commercial site in Queenborough?
Its becoming the norm that commercial conveyancing solicitors in Queenborough will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Queenborough. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Queenborough.
For every commercial conveyancing transaction in Queenborough it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Queenborough commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Queenborough.
How does conveyancing in Queenborough differ for newly converted properties?
Most buyers of new build or newly converted property in Queenborough come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Queenborough 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 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 used to new build conveyancing in Queenborough or who has acted in the same development.
Estate agents have just been given the go-ahead to market my basement apartment in Queenborough. Conveyancing is yet to be initiated, however I have recently received a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would as all ground rent and maintenance payments will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a split level flat in Queenborough, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Queenborough with over 90 years remaining are worth £265,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2097
You have 76 years left to run the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Why do I have to supply my property lawyer with numerous items of ID before I can proceed with selling or purchasing a property in Queenborough?
Queenborough lawyers are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It will also be a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and DOB.