Our son is buying a newly built flat in Watford with a mortgage from Yorkshire BS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Watford for our home move. Our financial adviser has since advised us that our mortgage company Nottingham Building Society won't deal with them. Surely this is unfair competition?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Watford conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms about their operations and their employees as well as set certain criteria such a completing on a minimum volume of conveyancing. Many Watford conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Watford is amongst the thousands of areas where the conveyancers showing on our search results are are authorised to act for Nottingham Building Society.
I have been told that property searches are the main reason for stalling in Watford conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Watford.
I completed on my flat on 2 January and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Watford expressed confidence that it would be concluded inside ten days. Are titles in Watford particularly slow to register?
There is nothing unique about conveyancing in Watford registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry have to notify any interested parties. Currently roughly three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be longer delays. Historically registration occurs after the new owner is living at the premises so registration formalities is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Watford I like with open areas and transport links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Watford for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I’m about to sell my garden flat in Watford.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – Do I pay up?
It best that you pay the invoice as usual given that all rents and service charges will be allottedas 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially