Our grandson is purchasing a house that has just been built in Winchester with a mortgage from Kent Reliance. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should conveyancers ask for money on account for conveyancing in Winchester?
Where you are retaining lawyers for conveyancing in Winchester your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this will be asked for immediately prior to exchange of contracts. The closing balance that is needed will be payable shortly before completion.
This question may be naive but I am unexperienced as a 1st time purchaser of a garden flat in Winchester. Do I receive the keys to the house on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Winchester?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to collect the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
We had appointed conveyancing lawyers based in Winchester on the Leeds Building Society solicitor panel. They are now charging me a supplemental sum for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not dictated by Leeds Building Society but by your Winchester property lawyer. Numerous firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
Planning on purchasing a maisonette in Winchester. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Winchester conveyancing practitioner is on the Clydesdale conveyancing panel.
It has been five months following my purchase conveyancing in Winchester completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 property 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.
We're new to the buying process - agreed a price, yet the property agent informed us that the seller will only move forward if we appoint their preferred conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Winchester
We suspect that the seller is not behind this demand. If they require ‘a quick sale', turning down a serious buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you intend to use your own,trusted Winchester conveyancing firm - as opposed tothe ones that will provide their negotiator at the agency a referral fee or hit his conveyancing targets demanded by senior management.
Last January I purchased a leasehold property in Winchester. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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 be sure 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).
Winchester Leasehold Conveyancing - Examples of Queries before Purchasing
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How long is the Lease? What is the name of the managing agents? You will want to find out as much as you can regarding the managing agents as they will either make living at the property much easier or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Enquire of other tenants whether they are happy with their service. In conclusion, investigate as to the dates that the service charges are due to the managing agents and specifically how they are spending the funds.