My god-son is in the process of securing a newly built flat in East Molesey with a mortgage from Virgin Money. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 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.
Why do I have to pay up front for my conveyancing in East Molesey?
Where you are retaining lawyers for conveyancing in East Molesey your lawyer will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this will be required immediately prior to contracts are exchanged. The closing balance that is needed should be transferred a couple of days ahead of the day of completion.
Should our solicitor be asking questions about flooding as part of the conveyancing in East Molesey.
Flooding is a growing risk for solicitors specialising in conveyancing in East Molesey. There are those who buy a house in East Molesey, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or by their conveyancers which should give them a better understanding of the risks in East Molesey. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out if the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could issue a compensation claim stemming from an inaccurate reply. A purchaser’s lawyers should also carry out an environmental search. This will indicate whether there is a recorded flood risk. If so, further inquiries will need to be conducted.
I'm buying a new build house in East Molesey benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The property agent told me not disclose to my conveyancer about the side-deal as it would affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Harry (my fiance) and I may need to sub-let our East Molesey ground floor flat temporarily due to a career opportunity. We used a East Molesey conveyancing practice in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in East Molesey do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in East Molesey. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Lease Extension case for a East Molesey flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
My work colleague mentioned that before choosing a conveyancing solicitors they need approved by your mortgage company. It happens to be my first house move but I have an AIP via Halifax and I already have a local conveyancing solicitor in East Molesey at the ready. Does Halifax insist on an approved conveyancer to be used? Does a directory of approved firms even exist so I can choose a conveyancing lawyer in East Molesey?
You should instruct a solicitor that is on the Halifax panel. Simply ring your chosen East Molesey conveyancing lawyer to check if they are on the Halifax panel. If they are not approved you have numerous choices open to you here:
- Complete the purchase with your chosen East Molesey conveyancer but Halifax will undoubtedly use a conveyancing practitioner on their conveyancing panel. This will result in additional fees and probable interruption.
- Appoint a new property lawyer to act in the purchase, obviously checking they are on the Halifax conveyancing panel.
- Convince your solicitor to do everything possible to join the Halifax panel of solicitors.