Our grandson is in the process of securing a newly built flat in Stevenage with a mortgage from Virgin Money. His solicitor has said that there is 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 Virgin Money conveyancing panel as a standard part of the process, and to the valuer 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a flat and need a conveyancing solicitor in Stevenage who is on the Principality solicitor panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Principality . We don't recommend any particular firms conducting conveyancing in Stevenage.
We wanted to use a conveyancing solicitor in Stevenage for our house move. Our financial adviser informed us that our mortgage lenders HSBC Bank won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily restrict either the category or the volume of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to act for them. Be aware that HSBC Bank have no responsibility for the quality of advice provided by any member of HSBC Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are differing views regarding the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Stevenage only conduct a couple conveyances a year.
I am helping my niece sell her house in Stevenage. Does the conveyancer order the energy assessment or it is for me to see to?
Following the abolition of Home Information Packs, EPC’s was left as a compulsory component of selling a property. An EPC must be commissioned before the property is placed on the market. It is not a task that conveyancers ordinarily arrange. Where you are using a Stevenage conveyancing solicitor they may be willing to arrange EPC’s due to their relationships with reputable local providers
Is it the case that all Stevenage solicitor practices on the Barclays conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I am currently in the process of buying my council flat in Stevenage. I have a mortgage agreed with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
What does commercial conveyancing in Stevenage cover?
Stevenage conveyancing for business premises incorporates a broad array of services, given by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Can you provide any advice for leasehold conveyancing in Stevenage with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stevenage can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Stevenage leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer before hand. You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. Some Stevenage leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
I purchased a 1 bedroom flat in Stevenage, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Stevenage with a long lease are worth £171,000. The ground rent is £50 per annum. The lease finishes on 21st October 2100
With 79 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.