Our grandson is about to exchange on a house that has just been built in Thame with a mortgage from Co-operative. His lawyer 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 Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Thame is more expensive?
The conveyancing costs for a leasehold property in Thame is frequently greater than on a freehold acquisition or disposal. This is because there is an amount of additional work required in communicating with the freeholder and managing agents to obtain information about whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
My wife and I are intent on selling our property in Thame and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street Thame conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing outfit rather than a conveyancing solicitor in Thame. We have lived in Thame for six years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I used Arc property Solicitors a few years ago for my conveyancing in Thame. I now require my file but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Thame of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Thame differ for new build properties?
Most buyers of new build property in Thame contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Thame typically purchase the real estate, 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 conveyancing solicitors 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 Thame or who has acted in the same development.
I decided to have a survey done on a property in Thame prior to retaining conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Thame. Conveyancing will be smoother if you use a solicitor in Thame especially if they are familiar with such properties in Thame.