My grandson is about to exchange on a house that has just been built in Northampton with a home loan from Principality. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you clarify what the consequences are if my solicitor is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Northampton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How can we tell if a Northampton conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Northampton obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your conveyancing.
The formalities of my remortgage has taken place for my property in Northampton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases 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 who will take matters further.
I can not work out if my lender requires a lease extension. I have telephoned my Northampton building society branch on numerous occasions and was informed it wasn't a problem and they will lend. My Northampton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company panel, they must adhere to the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Northampton differ for new build properties?
Most buyers of new build premises in Northampton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Northampton typically buy the real estate, 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 property lawyers 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 Northampton or who has acted in the same development.
I decided to have a survey carried out on a house in Northampton in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks will refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Northampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Northampton to see if the conveyancing will be more expensive.
Do you have any top tips for leasehold conveyancing in Northampton from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Northampton can be bypassed if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers. If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. Some Northampton leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Northampton leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such changes. Where you fail to have the consents in place you should not contact the landlord without checking with your conveyancer in advance.
I am the registered owner of a 2 bed flat in Northampton, conveyancing having been completed in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Northampton with a long lease are worth £186,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2078
With only 52 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered 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.