Our nephew is about to exchange on a house that has just been built in Millwall with a mortgage from Aldermore. 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for my conveyancing in Millwall?
Where you are retaining lawyers for conveyancing in Millwall your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the Local Authority Search. When the deposit is payable against the sale price then this will be asked for shortly ahead of contracts are exchanged. Any further balance that is needed should be transferred shortly before completion.
My Conveyancer in Millwall is not listed on the Bank of Ireland Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Bank of Ireland list of approved lawyers?
Your options are as follows:
- Carry on with your preferred Millwall lawyers but Bank of Ireland will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total legal charges and cause frustration.
- Find an alternative practitioner to act in the purchase, remembering to check they are Persuade your lawyer to use their best endeavours to join the Bank of Ireland conveyancing panel
Can you help - my lawyer advises that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Millwall?
The appropriate level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Skipton Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
I am purchasing a property in Millwall. A rare aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Co-operative your lawyer must check the formal requirements contained in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Co-operative where a lease fails to meet these provisions. The specifications relate to the installation of panels on properties countrywide and is not isolated to Millwall.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Millwall solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Millwall postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Millwall.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Millwall is the location of the property. What do you suggest?
Flying freeholds in Millwall are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Millwall you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Millwall may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have just appointed agents to market my 2 bed flat in Millwall. Conveyancing solicitors are to be appointed soon, however I have recently had a half-yearly service charge invoice – what should I do?
The sensible thing to do is discharge the maintenance contribution as usual as all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser 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.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Millwall conveyancing firm to help?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the sum to be paid.
An example of a Freehold Enfranchisement case for a Millwall property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The remaining number of years on the lease was 101.61 years.