Our son is purchasing a newly built flat in Watnall with a home loan from Coventry BS. His conveyancer 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 engaged in the transaction. 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 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 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.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Watnall?
There are many registered licenced Conveyancers in Watnall and Solicitor firms in Watnall who can assist with your conveyancing It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can conduct associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Is there a list of Kent Reliance panel solicitors in Watnall on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. Very few lenders make their panel listings available over the internet. If you are looking for a Watnall solicitor on the Kent Reliance please use our facility.
Kent Reliance have agreed my mortgage in principle, my offer on a property in Watnall has been accepted, what are the next steps?
The estate agent will need to know who your solicitors are (ensure that the conveyancers are on the bank’s approved list). Contact Kent Reliance or your financial adviser and finish off any outstanding forms. Kent Reliance will instruct a valuer who will get in contact with the estate agent or vendor to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. Kent Reliance will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Watnall.
Various internet forums that I have visited warn that are the primary cause of stalling in Watnall conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Watnall.
I am buying my first flat in Watnall with a mortgage from Birmingham Midshires. The sellers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not inform my conveyancer about the side-deal as it could put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Watnall is where the house is located. Can you shed any light on this issue?
Flying freeholds in Watnall are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Watnall you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Watnall may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What advice can you give us when it comes to finding a Watnall conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Watnall conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Watnall conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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What are the legal fees for lease extension conveyancing? If the firm is not ALEP accredited then what is the reason?
I purchased a split level flat in Watnall, conveyancing having been completed in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Watnall with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2093
With only 67 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.