Our son is about to exchange on a newly built flat in Monkseaton with a mortgage from Leeds Building Society. His conveyancer has said that there is a delay in receiving 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 Leeds Building Society 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 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 have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather use a Monkseaton based conveyancing firm?
Do check but the chances are that appoint one of their panel conveyancers should you take up the "fee-free" deal. Call the lender and ask if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Monkseaton.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Monkseaton. Do I receive the keys to the property on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Monkseaton?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the seller's conveyancers, and shortly after the monies have arrived, you will be invited to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
We are aiming to move house in September. Should my conveyancing solicitor update the removal company on the completion day. As an aside, can you suggest a removal company in Monkseaton. Conveyancing lawyer was organised prior to coming across this website.
On the day of completion you can pick up the keys from the estate agent but this should only occur after the vendors solicitors inform the agent that they have the completion monies and the keys can be passed over. After that you can tell the removal company that you are ready to move in. As a matter of policy we do not suggest a specific removal company but can help you find a residential property solicitor in Monkseaton or a lawyer with expertise in conveyancing in Monkseaton.
Completion of my purchase has taken place for my property in Monkseaton. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am looking for a flat up to £305k and identified one round the corner in Monkseaton I like with open areas and transport links nearby, however it's only got 51 years on the lease. I can't really find anything else in Monkseaton for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can 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 and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
How do I search for a Monkseaton solicitor on the Yorkshire Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the search on this website. Please choose the lender and your location and you will see a number of Monkseaton conveyancing lawyers based on proximity. We have detailed some Monkseaton conveyancing firms towards the end of this page and you can ring them to see if they are on the Yorkshire Building Society member panel
What are the common defects that you encounter in leases for Monkseaton properties?
Leasehold conveyancing in Monkseaton is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a studio flat in Monkseaton, conveyancing formalities finalised November 2006. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Monkseaton with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease finishes on 21st October 2084
You have 59 years left to run the likely cost is going to be between £20,900 and £24,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.