Our grandson is about to exchange on a newly built flat in Wanstead with a mortgage from Coventry BS. 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 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.
My lender has recommended solicitors on their panel based in Wanstead but I would rather use a conveyancing lawyer in Wanstead or nearer to where I live. Can you help?
The minority of Wanstead conveyancing solicitors are approved and listed on all banks conveyancing panel. Use our find an approved solicitor tool to locate a Wanstead conveyancing conveyancer on the on the lender panel.
It has been 2 months following my purchase conveyancing in Wanstead completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 premises 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.
About to purchase a new build flat in Wanstead. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Wanstead
There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I need to appoint a conveyancing solicitor for leasehold conveyancing in Wanstead. I have stumble upon a web site which seems to have the ideal offering If there is a chance to get all formalities done via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any top tips for leasehold conveyancing in Wanstead from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wanstead can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ representatives. Some Wanstead leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Wanstead leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the approvals to hand do not communicate with the landlord without checking with your solicitor in the first instance. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Wanstead conveyancing firm to act on my behalf?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to make a decision on the premium.
An example of a Freehold Enfranchisement case for a Wanstead premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired residue of the current lease was 73.92 years.