Our grandson is buying a newly built flat in Kings Langley with a home loan from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
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 Santander conveyancing panel as a standard part of the process, and to the valuer when asked. 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer has informed me that breach of easement insurance is needed on my purchase. What is the level of cover for Kings Langley conveyancing?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such policies.
I have paid off my mortgage with Co-operative. I assume I don't need a Kings Langley property lawyer on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
Planning on purchasing a house in Kings Langley. 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 Nationwide 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 Kings Langley conveyancing practitioner is on the Nationwide conveyancing panel.
My partner and I are selling our property in Kings Langley and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Kings Langley lawyer would know that there is no such problem. For the life of me I don't know why the buyers used a web based conveyancing firm rather than a conveyancing solicitor in Kings Langley. Having lived in Kings Langley for six years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I'm buying my first flat in Kings Langley with a loan from Chelsea Building Society. The sellers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about the extras as it could affect my mortgage with Chelsea Building Society. 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.
When it comes to leasehold conveyancing in Kings Langley what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Kings Langley. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
-
A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a ground floor flat in Kings Langley, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Kings Langley with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2101
With only 76 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
I'm purchasing a bungalow in Kings Langley. I have found my conveyancer's company on the Law Society's list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unlicensed staff.