Our grandson is about to exchange on a house that has just been built in Coleford with a mortgage from UBS. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form 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 UBS conveyancing panel as a standard part of the process, and to the valuer when requested. 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is 10 years ago since I acquired my home in Coleford. Conveyancing lawyers have just been retained on the sale but I can't locate the title documents. Will this jeopardise the sale?
You need not be too concerned. First there is a possibility that the deeds will be retained by your mortgage company or they may still be with the conveyancers who acted in your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Coleford relates to registered property but in the unlikely event that your property is not registered it is more tricky but is resolvable.
I had intended to instruct a property lawyer in Coleford for our home move. Our broker informed us that our bank Barclays Direct won't deal with them. Surely this is unduly restrictive?
Lenders normally imposes restrictions either the category or the number of conveyancing practices on their panel. A common example of such criteria being that a firm must not be a sole practitioner. As well as restricting the profile of firm, a few lenders have reduced the number of solicitor practices they allow to represent them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there are mixed opinions about the level of solicitor involvement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Coleford only conduct one or two conveyances a year.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Coleford is where the house is located. What do you suggest?
Flying freeholds in Coleford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Coleford you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coleford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Looking forward to complete next month on a leasehold property in Coleford. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Coleford should include some of the following:
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Where does the liability rest for repairing the window frames Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Where does the liability rest to repair and maintain the main walls and foundations. It is essential that you know who is responsible the repair and maintenance of all parts of the block and estate You should be advised what is to be regarded as a Nuisance as far as the lease is concerned Setting out your rights in respect of common areas in the block.By way of example, does the lease contain a right of way over an accessway or staircase?
I bought a ground floor flat in Coleford, conveyancing was carried out 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Coleford with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2078
With 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My property lawyer in Coleford has requested from me ID documents stating that this forms part of his retainer as a conveyancer on the lender Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not specific to conveyancing in Coleford