Our son is purchasing a new build apartment in East London with a home loan from Aldermore. His lawyer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am purchasing a right to buy a flat in East London. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in East London you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in East London.
I have been advised by my lawyer that lack of planning permission insurance is required on my purchase. What is the level of cover for East London conveyancing?
The appropriate level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Barclays and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
We are getting a further advance on our mortgage from UBS as we intend to conduct alterations to our house in East London. Do we need to select a bricks and mortar East London solicitor on the UBS conveyancing panel to handle the paperwork?
UBS don't usually appoint firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
About to purchase maisonette in East London. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS 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 East London solicitor is on the Coventry BS conveyancing panel.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a property in East London?
Unless a prior acquisition of the premises completed after 12 October 2013 you could assume that solicitors conducting conveyancing in East London to remain recommending a chancel search and or insurance against a claim.
I have a renovated Edwardian property in East London. Conveyancing solicitor acted for me and Bank of Ireland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East London and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing practitioner who carried out the work.
Why is New Build conveyancing in East London more expensive?
Acquiring a brand new property is significantly different from the normal house purchase conveyancing in East London. Firstly sellers normally demand contracts to exchange inside a short timeframe, the result being a a great deal of pressure on your conveyancer to make sure everything is in order. In addition new build premises often necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders obligations are also more demanding. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.