Our son-in-law is about to exchange on a newly built flat in Bramhall with a mortgage from TSB. His conveyancer has advised him of 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I happen to be the only recipient of my late father’s estate and I have everything in my name alone, including the my former home in Bramhall. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many banks would take a pragmatic view as this requirement is primarily there to identify subsales or the flipping of properties.
We are getting a further advance on our home loan from Lloyds as we intend to carry out improvements to our home in Bramhall. Are we obliged to appoint a bricks and mortar Bramhall solicitor on the Lloyds conveyancing panel to deal with the paperwork?
Lloyds do not ordinarily require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds list.
Completion of my purchase has taken place for my property in Bramhall. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Bramhall.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Bramhall. There are those who acquire a house in Bramhall, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a various checks that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Bramhall. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to discover whether the property has historically flooded. In the event that the residence has been flooded in past and is not notified by the owner, then a buyer could bring a claim for damages resulting from an incorrect answer. A buyer’s conveyancers should also conduct an environmental search. This should higlight if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
Should I be wary by 3rd parties that I am dealing with are suggesting an online conveyancing firm rather than a High Street Bramhall conveyancing firm?
As with many professional services, often referrals from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward solicitors to use. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the right to appoint your own conveyancer. However, bear in mind that many mortgage providers specify a panel list of lawyers you have to use for the mortgage aspect of your transaction.
My cousin has suggested that I use his lawyers for conveyancing in Bramhall. Should I use them?
There are no two ways about it the ideal way to find a conveyancing solicitor is to seek recommendations from friends or family who have used the conveyancer that you are considering.
I work for a long established estate agency in Bramhall where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Bramhall conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a basement flat in Bramhall, conveyancing was carried out July 2011. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bramhall with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2086
With just 61 years unexpired the likely cost is going to span between £19,000 and £22,000 plus legals.
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 this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.