My god-son is purchasing a house that has just been built in Cockfosters with a home loan from Nottingham. His solicitor 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 form 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 Nottingham 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 Nottingham 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 Cockfosters? Is this really necessary?
Cockfosters conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of source of funds is also necessary in compliance with the money laundering regulations as conveyancers have a duty to investigate that the funds you are using to purchase a property (whether it be the deposit for exchange or the total purchase price where you are buying mortgage free) has come from an acceptable source (such as an inheritance) rather than the product of illegitimate behaviour.
We are getting the release of further monies on our mortgage from Virgin Money as we want to conduct a loft conversion to our house in Cockfosters. Do we need to select a bricks and mortar Cockfosters solicitor on the Virgin Money conveyancing panel to handle the legals?
Virgin Money don't usually instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.
Last month we had a mortgage agreed in principle with Yorkshire BS. Cockfosters conveyancing solicitors were appointed. What is the average time that one could expect to receive a mortgage offer from Yorkshire BS?
Some lenders take longer than others. Have Yorkshire BS conducted the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Cockfosters. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that your lender is Aldermore your lawyer must comply with the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to Aldermore where a lease does not meet these provisions. The conditions relate to the installation of panels on properties nationwide and is not isolated to Cockfosters.
three months have elapsed following my purchase conveyancing in Cockfosters took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 asset 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.
I would like to sublet my leasehold apartment in Cockfosters. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Cockfosters conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or some other party prior to subletting. The net result is that you cannot sublet without first obtaining permission. Such consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am the registered owner of a a ground floor purpose built flat in Cockfosters. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Absolutely. We can put you in touch with a Cockfosters conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Cockfosters property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired term was 70.31 years.
We have AIP from Coventry Building Society who suggested that they will lend up to £218k. At what point do we need to appoint a lawyer for conveyancing? Cockfosters is where we are purchasing.
You can instruct a lawyer now and ask them to open a file on your behalf. This will enable: 1) the selling agent to issue a Sales Memo to all parties 2) the seller’s property lawyer to send out the draft agreement. That being said, do not instruct your conveyancing practitioner to order searches until you receive your valuation report via Coventry Building Society and you are content to proceed.