Our grandson is in the process of securing a new build apartment in Lancashire with a mortgage from Leeds Building Society. His lawyer has advised him of a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Lancashire for our house move. Our broker informed us that our bank National Westminster Bank won't deal with them. Why is this not regarded as unfair competition?
A decade ago most banks had a different appetite for risk. Almost all Lancashire conveyancing firms would have been on many lender panels. The FSA in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of transactions. Many Lancashire conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Lancashire is one of the many locations where the conveyancers we list are members of the panel for National Westminster Bank.
Do commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Lancashire?
Its becoming the norm that commercial conveyancing solicitors in Lancashire will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Lancashire. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Lancashire.
For every commercial conveyancing transaction in Lancashire it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Lancashire commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Lancashire.
I am buying a new build flat in Lancashire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Lancashire
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have just started marketing my basement flat in Lancashire. Conveyancing solicitors are to be appointed soon, but I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal given that all rents and maintenance charges will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Lancashire - A selection of Questions you should consider before Purchasing
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The best form of lease structure is where the freehold title is owned by the leaseholders. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent employed by the leaseholders. It would be a good idea to discover if the the lease includes any onerous restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Lancashire. If you love the propertyin Lancashire however your dog is not allowed to move with you then you have a very hard decision. Where a Lancashire lease has no more than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this will be. For most Lancashirelease extensions you would be required to have been the owner of the premises for two years before you are eligible to extend the lease.
Much to my surprise my conveyancer in Lancashire has informed me that he requires proof of ID documents asserting that this is part of his legal duty as a conveyancer on the lender Conveyancing panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not unique to conveyancing in Lancashire