Our son is buying a house that has just been built in Wick with a home loan from Leeds Building Society. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should lawyers ask for money up-front when it comes to conveyancing in Wick?
If you are buying a property in Wick your lawyer will ask you to provide them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the down payment is payable against the sale price then this will be needed shortly in advance of contracts are exchanged. Any further balance that is due should be transferred shortly before completion.
We are buying a flat in Wick. It might be a silly question but how we can trust a conveyancer? At some point we will need to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had selected conveyancers based in Wick on the Leeds Building Society solicitor panel. They have just billed me a supplemental amount for dealing with the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your conveyancer may levy a fee for this. This charge is not set by Leeds Building Society but by your Wick conveyancer. Plenty of firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
How can we tell if a Wick conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Wick obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your transaction.
I need some fast conveyancing in Wick as I am faced with pressure to sign on the dotted line in less than one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at free not to have searches conducted although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Wick the following are examples of what can be revealed and therefore impact future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
I've recently bought a leasehold flat in Wick. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a split level flat in Wick, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Wick with an extended lease are worth £186,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2077
With just 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I have just appointed agents to market my basement flat in Wick.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual as all ground rent and service charges should 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 subsequent invoice date. Most management companies will not acknowledge the buyer unless 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