Our son is purchasing a house that has just been built in Leiston with a mortgage from Leeds Building Society. 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 document 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 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 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 happen to be the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Leiston. The Leiston property was put into my name in March. I want to move. I do know about the CML 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in March. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Some lenders would take a sensible view as this provision primarily exists to pick up on subsales or the quick reselling of property.
Are all Leiston Conveyancing Quality Solicitors on the Virgin Money conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
How can we know in advance if a Leiston conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Leiston getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing.
What will a local search tell me concerning the house we're purchasing in Leiston?
Leiston conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search is essential in every Leiston conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Leiston I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Leiston suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount 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 at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Should I go with a Leiston conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal formalities however his firm is located 300kilometers drive away.
The benefit of a local Leiston conveyancing practice is that you can pop in to execute documents, present your identification documents and apply pressure on them where appropriate. Having local Leiston know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should surpass using an unfamiliar Leiston conveyancing solicitor solely due to them being round the corner.
Partway through the sale of a leasehold flat in Leiston. Conveyancing solicitors are doing their job but we are being charged a fortune by the freeholder. So far we have issued a cheque for £268 for a leasehold management information and then another £117.20 for answers to queries supplied by the purchaser's lawyer.
Neither you or your solicitor will have any sway over the extent of the bill for this information however the typical costs for the information for Leiston leasehold premises is £355. For Leiston conveyancing deals it is usual for the seller to pay for these charges. The landlord or their agents are not duty bound to answer such questions although many will be content to do so - albeit often at high prices where the fees bear little relation to the work involved. Regretfully there is no legislation that requires set fees for administrative tasks. There is no set time limit by which they are duty bound to provide answers.