My son is about to exchange on a house that has just been built in Old Coulsdon with a mortgage from Kent Reliance. His lawyer 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the valuer 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Old Coulsdon? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Old Coulsdon. However these days you can not proceed with any conveyancing process in the absence submitting evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are supplying your driving licence as evidence of ID it needs to be both the paper part and photo card part, one is not sufficient without the other.
Verification of the source of funds is required in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer must retain this information on record. Your Old Coulsdon conveyancing practitioner will require evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask additional queries concerning the origin of monies.
Forgive me if this question is silly but I am new to the home moving as FTB of a two bedroom flat in Old Coulsdon. Do I receive the keys to the house on the completion date from my conveyancer? If so, I will use a High Street conveyancing solicitor in Old Coulsdon?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the seller's lawyers, and once they have received this, you should be called to pick up the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
We are purchasing a victorian detached house in Old Coulsdon. Our aim is to an extension at the rear at the property.Will legal work on the property involve checks to see if these alterations are prohibited?
Your solicitor will check the registered title as conveyancing in Old Coulsdon can on occasion reveal restrictions in the title deeds which prevent categories of changes or necessitated the permission of another owner. Certain additions call for local authority planning consent and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Old Coulsdon solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Old Coulsdon surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Old Coulsdon I like with open areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Old Coulsdon in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am looking to sell my home. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. Im based in Old Coulsdon if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Old Coulsdon. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I am employed by a busy estate agent office in Old Coulsdon where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Old Coulsdon conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 am the registered owner of a ground-floor 1950’s flat in Old Coulsdon. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Old Coulsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Old Coulsdon property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The remaining number of years on the lease was 75 years.