My son is purchasing a house that has just been built in North London with a home loan from RBS. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Just bought a detached house in North London , how long should it take for the Land Registry to record my ownership? My North London conveyancing solicitor has been painfully slow, so I want to be sure that my name is recorded.
As far as conveyancing in North London registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can adjust according to the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. As of today in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration is effected once the purchaser has moved in to the property so registration formalities is not usually top priority but if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in North London differ for newly converted properties?
Most buyers of new build premises in North London approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in North London usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in North London or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in North London I like with open areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in North London in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Should I be concerned that brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local North London conveyancing company?
As with lots of service providers, often input from connections can be very helpful. Nevertheless there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all put forward conveyancers to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there exists a commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. However, bear in mind that many mortgage providers have an approved list of solicitors you have to use for the mortgage related work in your conveyancing.
I am one month into a freehold purchase having been referred to solicitors by the selling agent to do our conveyancing in North London. I am am very dissatisfied with the quality of service. Could you you assist me in finding new solicitors?
A solicitor would have to be really poor to suggest changing them. Has your loan offer been issued? In the event that it has you will need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your conveyancer should be on the banks panel to avoid supplemental expenses and frustration. That should be your starting point. Our search tool can help you find a bank approved lawyer for your conveyancing in North London