Our son is about to exchange on a newly built flat in Ely with a mortgage from Nottingham. His lawyer 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 involved in the purchase. 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 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We had selected conveyancers locally in Ely on the Principality solicitor approved list. They are now charging me an additional sum for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Provided it is contained in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. This charge is not dictated by Principality but by your Ely property lawyer. Numerous firms on the Principality panel will quote an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, RBS are being difficult. The Ely solicitor who is on the RBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase apartment in Ely. 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 Santander 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 Ely conveyancing practitioner is on the Santander conveyancing panel.
I am looking for a flat up to £245,000 and found one near me in Ely I like with open areas and station in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Ely for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Do I need to be suspicious by 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a High Street Ely conveyancing company?
As with many professional services, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and banks may suggest conveyancers to retain. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are at liberty to appoint your own lawyer. However, bear in mind that some banks specify a panel list of solicitors you have to use for the mortgage aspect of your transaction.
In searching the web for the phrase cheap conveyancing in Ely it shows results of numerous solicitorslocally. How do I determine which is the right solicitor for my move?
The best way of seeking the right conveyancer is through a personal recommendation, so seek the guidance of friends and family who have bought a property in Ely or the reputable estate agent or financial adviser. Costs for conveyancing in Ely vary, so it's advisable to obtain at least four fee estimates from different law firms. Be sure to obtain confirmation that the fees are fixed.
Do you have any top tips for leasehold conveyancing in Ely with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ely can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. Many freeholders or managing agents in Ely charge for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Ely. If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled. Some Ely leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy process and delays many a Ely conveyancing transaction. Where a new share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
I purchased a split level flat in Ely, conveyancing having been completed March 2002. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ely with a long lease are worth £186,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
With only 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.