Our grandson is purchasing a newly built flat in Queensbury with a mortgage from UBS. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer has informed me that flying freehold insurance is required on my purchase. What is the level of cover for Queensbury conveyancing?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
Is it the case that all Queensbury solicitor firms on the Principality conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality conveyancing panel they would need to be governed by the SRA. Many banks do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Queensbury building society branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Queensbury conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Your solicitor has to comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
2 months have gone by following my purchase conveyancing in Queensbury concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £235,500 and identified one near me in Queensbury I like with open areas and station nearby, however it only has 61 years unexpired on the lease. There is not much else in Queensbury for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I was pointed in your direction by three or four local property agents in Queensbury to select a solicitor on your site. What’s the financial advantage for Estate Agents to offer your services ahead of alternative conveyancing organisations?
We don’t give any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am thinking of instructing an online lawyer rather than a Queensbury conveyancing firm. Am I making a mistake?
Advantages do exist in being able to attend a local Queensbury conveyancing solicitor for instance
- signing papers and and when necessary
- sometimes being able to see someone face-to-face can make a huge difference, particularly for more complex house moves
- the ability to raise concerns if things are not going as expected
When comparing quotes, look out for hidden extras. The majority decent Queensbury high street solicitors give an all-inclusive price. Often online companies seem to offer cheap prices, yet have burried 'extras' in the small print.