Our nephew is about to exchange on a house that has just been built in Murton with a mortgage from Bank of Ireland. 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 Bank of Ireland 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 Bank of Ireland 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 Murton? Is this really necessary?
In order to comply with Money Laundering Regulations any Murton conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to check not just the identity 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 lawyer 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 inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I am purchasing a garden flat in Murton. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Murton you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Murton.
The deeds to my property can not be found. The solicitors who dealt with the conveyancing in Murton 5 years ago are no longer around. What do I do?
Nowadays there are duplicates made of almost everything, and your conveyancer should be aware exactly where to find all the suitable documentation so you can purchase or dispose of your property without any difficulty. Where copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities against possible claims on the premises.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Murton. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Murton ?
Most houses in Murton are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Murton in which case you should be shopping around for a Murton conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I bought a 1st floor flat in Murton, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Murton with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2101
With 76 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
We have chosen a Murton conveyancing solicitor for our home move (novice purchasers) and have picked up in the Ts and Cs that they are not governed by the Financial Conduct Authority. Need I be concerned or is that standard with solicitor?
We can't see why they should be. Most solicitor don't lend money. They should be governed by the Solicitors Regulation Authority, who set strict laws regulating funds deposited in their bank.