Our son-in-law is in the process of securing a newly built flat in Burnt Oak with a home loan from Virgin Money. His solicitor has said that there is 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 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 Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
The deeds to our property are lost. The lawyers who dealt with the conveyancing in Burnt Oak 4 years ago no longer exist. What do I do?
Gone are the days when you need to hold title official documentation to evidence that you own the land or premises, given that the Land Registry have everything they need in a digital format.
How does conveyancing in Burnt Oak differ for newly converted properties?
Most buyers of new build property in Burnt Oak approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because builders in Burnt Oak tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Burnt Oak or who has acted in the same development.
How does the Landlord & Tenant Act 1954 affect my business property in Burnt Oak and how can you help?
The particular law that you refer to affords security of tenure to business leaseholders, giving them the legal entitlement to apply to court for a new lease and continue in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Burnt Oak
Am I best advised to go with a Burnt Oak conveyancing practitioner based in the location that I am hoping to buy? I have an old university friend who can deal with the conveyancing but they are based over three hundred miles drive away.
The primary upside of using a high street Burnt Oak conveyancing firm is that you can pop in to execute paperwork, deliver your ID and apply pressure on them where appropriate. Having local Burnt Oak know how is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that should surpass using an unknown Burnt Oak conveyancing solicitor solely due to them being Burnt Oak based.
Why do Burnt Oak conveyancing charges are higher for leasehold and freehold properties?
When buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control