Our son is buying a house that has just been built in Mortimer with a mortgage from Co-operative. His lawyer has advised him of 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 form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative 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 when it comes to conveyancing in Mortimer?
If you are buying a property in Mortimer your solicitor will request that you to provide them with monies to cover the search fees. Generally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this should be needed shortly prior to contracts are exchanged. Any further balance that is needed should be transferred a couple of days ahead of the day of completion.
I am purchasing a property and require a conveyancing solicitor in Mortimer who is on the Chelsea Building Society approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Mortimer. We dont recommend any particular firm.
There is lots of information on this site concerning conveyancing in Mortimer but what is your top tip for appointing the right conveyancer in Mortimer
It would be unwise to be swayed by the lowest Mortimer conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We previously chose solicitors locally in Mortimer on the Yorkshire BS solicitor approved list. They have just invoiced me a supplemental sum for the legal aspects of the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner may levy a fee for this. This fee is not set by Yorkshire BS but by your Mortimer conveyancer. Some firms on the Yorkshire BS panel will quote ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
Skipton have agreed my mortgage in principle, my bid on a house in Mortimer has been accepted, now what?
The property agent will want to be advised as to your solicitor's details (ensure that the conveyancers are on the bank’s panel). Contact Skipton or your broker and finalise any relevant documentation. Skipton will instruct a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about ten days to receive the mortgage offer. Skipton will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Mortimer.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Mortimer is the location of the property. What do you suggest?
Flying freeholds in Mortimer are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mortimer you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mortimer 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 premises.
I work for a long established estate agent office in Mortimer where we see a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Mortimer conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 own a garden flat in Mortimer, conveyancing was carried out 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Mortimer with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2104
With 79 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.