Our grandson is in the process of securing a newly built flat in Essex with a mortgage from Nationwide. His conveyancer has advised him of 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Essex? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to hand over identification documents, your solicitor would not be able to act for you.
Do the Building Society Association intend to launch a searchable register to list law firms on the Earl Shilton BS conveyancing panel for example in Essex?
We would not expect to be advised of any plans on the part of the BSA to develop such a search facility.
I opted to have a survey completed on a property in Essex prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks tend refuse to grant a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Essex. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Essex to see if the conveyancing costs will increase in light of this.
I am using a search engine for the phrase on line conveyancing in Essex it brings up numerous solicitorslocally. How do I determine which is the suitable property lawyer for purchase transaction?
The preferential way of choosing the right conveyancer is via personal referral, so ask colleagues and those you trust who have acquired a property in Essex or a respected estate agent or financial adviser. Costs for conveyancing in Essex vary, so it's sensible to obtain a minimum of three fee calculations from varying types of conveyancers. Dont forget to clarify that the charges are assured not to rise.
There are only 68 years remaining on my lease in Essex. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to find the freeholder. For most situations a specialist would be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Essex.
I acquired a 1st floor flat in Essex, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Equivalent flats in Essex with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2082
You have 57 years left to run the likely cost is going to range between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.