My nephew is about to exchange on a new build apartment in Minera with a mortgage from Virgin Money. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Minera? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Minera conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are duty bound to check not simply the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
When it comes to lenders such as Bank of Ireland, do Minera lawyers face a fee to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We previously selected conveyancing lawyers based in Minera on the RBS solicitor panel. They are now charging me a further amount for the legal aspects of the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. The charge is not dictated by RBS but by your Minera conveyancer. Plenty of firms on the RBS panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
At last I have had an offer on an apartment in Minera accepted, the owners do however have a tied purchase. The vendors have offered on a property, however it’s not been accepted yet, and are looking at other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Minera. What do I do now? When do I get the mortgage application with Aldermore going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Minera conveyancing search charges, etc). First, you must ensure that your conveyancer is on the Aldermore conveyancing panel. As to the subsequent stages this very much dictated by the circumstances of your case, desire for the property and on the state of the market. During a buoyant market many purchasers would apply for a home loan with Aldermore and arrange for the valuation and only if it comes back ok would they pay their property lawyer to move forward with the conveyancing in Minera.
Due to the guidance of my in-laws I had a survey completed on a property in Minera before instructing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Minera. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Minera to see if the conveyancing will be more expensive.
I work for a long established estate agency in Minera where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Minera conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a split level flat in Minera, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Minera with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2090
With 64 years left to run we estimate the price of your lease extension to be between £14,300 and £16,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Whilst your website is a good idea there are many lawyers listed near Minera being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We do not recommend specific Minera firms as the right Minera conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Minera knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..