My son-in-law is buying a newly built flat in Llanbedrgoch with a mortgage from Clydesdale. His solicitor 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 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 Clydesdale 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Llanbedrgoch is more expensive?
The conveyancing fees on a leasehold premises in Llanbedrgoch is frequently greater than on a freehold residence. This is due to the supplemental work necessary in corresponding with the freeholder and managing agents to collate the information about whether the rent and maintenance charges have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
we are a couple who intend to purchase a 3 bedroom flat in Llanbedrgoch with a residential mortgage from TSB.We have a Llanbedrgoch conveyancing practitioner but TSB advised that her practice is not listed on their "panel". We have to appoint a TSB panel firm or retain our local solicitor and fork out for a TSB panel lawyer to represent them. This seems very unfair; Can we not simply insist that TSB use our lawyer?
No, not really. The mortgage issued to you is subject to its various provisions, a common one being that solicitors will be on the TSB approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for TSB
Is it the case that all Llanbedrgoch CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
Some major lenders now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
When it comes to mortgage companies such as Barclays, do Llanbedrgoch property lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Llanbedrgoch property lawyer on the Nationwide panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide 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 Nationwide mortgage from the register. Nationwide, 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 Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I am selling our home in Llanbedrgoch and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Llanbedrgoch lawyer would know that there is no such problem. It does beg the question why the purchasers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Llanbedrgoch. We have lived in Llanbedrgoch for many years we know of no issue. Should we contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You should enquire of 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 illness)
Estate agents have just been given the go-ahead to market my ground floor apartment in Llanbedrgoch. Conveyancing has not commenced, however I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge as usual because all rents and service payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice 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. This will smooth the conveyancing process.
I invested in buying a 1st floor flat in Llanbedrgoch, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Llanbedrgoch with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2102
You have 76 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.