Our god-son is about to exchange on a new build apartment in Epping with a mortgage from Bank of Ireland. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Epping, First timers buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
It has been three months since my purchase conveyancing in Epping completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 property 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've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Epping is the location of the property. Is there any guidance you can impart?
Flying freeholds in Epping are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Epping you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Epping 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 residence.
Are there any apps to help search for a Epping law firm on the The Mortgage Works conveyancing panel? I have wheels and am prepared to travel upto 20kilometers to meet the solicitor.
You can use the facility on this page. Please choose the mortgage company and your location and you will see a number of Epping conveyancing lawyers located nearest you. We have listed some Epping conveyancing firms towards the end of this page and you can ring them to see whether they are on the The Mortgage Works panel
I am a negotiator for a reputable estate agency in Epping where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Epping conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Epping - Examples of Questions you should consider before buying
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Many Epping leasehold apartments will be liable to pay a service charge for maintenance of the block levied by the management company. If you buy the property you will have to pay this contribution, normally in instalments during the year. This may differ from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a rentcharge to be met annual, this is usually not a exorbitant amount, say approximately £25-£75 but you should to check it because sometimes it could be many hundreds of pounds. You will want to discover as much as possible concerning the managing agents as they can either make living at the property much easier or a lot more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day issues such as the upkeep of the communal areas. Ask other people what they think of their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money. On the whole the cost for major works tend not to be wrapped into the service charges, although some managing agents in Epping require leasehold owners to contribute towards a sinking fund created for the specific purpose of building a fund for larger works.