Our nephew is in the process of securing a house that has just been built in Markyate with a mortgage from Lloyds. 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Forgive me if this question is silly but I am wet behind the ears as a 1st time buyer of a ground floor flat in Markyate. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Markyate?
On the day of completion you do not need to go to the conveyancers office in Markyate. Your solicitors will transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you will be able to collect the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
When it comes to mortgage companies such as Coventry BS, do Markyate conveyancing practitioners have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I currently have a mortgage with Skipton for my property in Markyate. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
Are there restrictive covenants that are commonly identified during conveyancing in Markyate?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Markyate. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a flat up to £245,000 and identified one round the corner in Markyate I like with a park and railway links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Markyate in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My father has recommend that I appoint his conveyancers in Markyate. Should I use them?
Much as we are happy to recommend a Markyate conveyancing lawyer the ideal way to choose a conveyancing practitioner is to get guidance from friends or family who have actually used the firm you're considering.
Do banks and building societies provide you with an approved list of Markyate solicitors? How do you know who is on the mortgage company conveyancing panel?
Markyate firms and firms carrying out conveyancing in Markyate themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.