Our son is in the process of securing a newly built flat in West Kensington with a home loan from Coventry BS. His lawyer has said that there is 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 engaged 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 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in West Kensington? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be checked. If you refuse to supply ID verification documents, your lawyer would not be able to accept instructions from you.
My husband and I are buying a 2 bedroom flat in West Kensington with a mortgage from Lloyds TSB Bank.We use our West Kensington conveyancing lawyer but Lloyds TSB Bank advised that her practice is not on their approved list of firms. It seems we have no choice but to instruct a Lloyds TSB Bank panel firm or retain our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you contains various provisions, a common one being that lawyers will be on the Lloyds TSB Bank conveyancing panel. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
This question may be naive but I am new to the house moving as a first time buyer of a two bedroom flat in West Kensington. Do I pick up the keys to the house on the completion date from my conveyancer? If this is the case, I will appoint a High Street conveyancing solicitor in West Kensington?
On the day of completion you will not be required to attend the conveyancers office in West Kensington. Your solicitors will transfer the completion advance to the owner’s lawyers, and once they have received this, you should be able to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
My solicitor has informed me that defective lease insurance is required on my purchase. What is the typical level of cover needed for conveyancing in West Kensington?
The appropriate level of defective lease indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Coventry Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I had an offer accepted on an apartment in West Kensington on 5/12/2024, valuation was booked 2 days later, all came back fine. Solicitor retained, so all that was missing was my mortgage offer. Having made daily calls to Clydesdale and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Clydesdale conveyancing panel. Are Clydesdale entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am looking for a ground for flat up to £235,500 and identified one near me in West Kensington I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in West Kensington suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
My business partner and I are intending to lease a unit on the high street. Can you recommend lawyers offering no-move-no fees for commercial conveyancing in West Kensington for below 2k?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in West Kensington, including the sale and acquisition of businesses as well as simply property. If you are intending to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. Regarding the costs this will depend on the structure and terms of the deal. Please provide us with your contact information or email us so that we may furnish you with a fixed commercial conveyancing quote.