Our grandson is in the process of securing a new build apartment in Old Woking with a mortgage from Principality. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am purchasing a property and require a conveyancing solicitor in Old Woking who is on the Godiva Mortgages Ltd solicitor. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Godiva Mortgages Ltd in certain locations such as Old Woking. We dont recommend any particular firm.
Is it the case that all Old Woking solicitor firms on the TSB conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the TSB approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
We are getting a further advance on our home loan from Clydesdale as we wish to carry out renovations to our house in Old Woking. Do we need to choose a high street Old Woking solicitor on the Clydesdale conveyancing panel to handle the paperwork?
Clydesdale don't usually require firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale conveyancing panel.
I recently had an offer agreed on a house in Old Woking. My mortgage broker recommended their conveyancers. I paid an on account payment of £225. A few days later, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Old Woking I like with a park and transport links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Old Woking for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign 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 solicitor concerning this matter.
Last November I purchased a leasehold property in Old Woking. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Old Woking Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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Make sure you discover if there are any onerous restrictions in the lease. For example it is very common in Old Woking leases that pets are not permitted in in a block in Old Woking. If you like the propertyin Old Woking but your cat can’t move with you then you have a very hard compromise. The best form of lease structure is a share of the freehold. In this situation the tenants have control and although a managing agent is often retained where the building is larger than a house conversion, the managing agent retained by the leaseholders. What is the length of the lease?
Me and my partner are buying a leasehold property in Old Woking. Conveyancing quotes are averaging around £1800. Is that in the right ballpark?
The average cost in 2014 for conveyancing in Old Woking was £1,419 not including Land Tax and HMLR fees.