My god-son is about to exchange on a newly built flat in Oundle with a home loan from Nationwide. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is a dozen years since I purchased my home in Oundle. Conveyancing solicitors have just been retained on the sale but I can't find my title deeds. Is this a problem?
Don’t worry too much. First the deeds may be kept by the mortgage company or they may be archived with the lawyers who oversaw the purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Oundle relates to registered property but in the rare situation where your property is not registered it is more tricky but is resolvable.
When it comes to lenders such as Skipton, do Oundle conveyancers face a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We had chosen solicitors based in Oundle on the Nationwide solicitor panel. They have just invoiced me an additional charge for the legal aspects of the Nationwide mortgage. Is this an additional conveyancing fee set by Nationwide?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. This charge is not set by Nationwide but by your Oundle conveyancer. Some firms on the Nationwide panel will quote ’dealing with mortgage’ fee and others do not.
I am selling my apartment. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being difficult. The Oundle solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my lawyer be making enquiries concerning flooding as part of the conveyancing in Oundle.
The risk of flooding is if increasing concern for solicitors dealing with homes in Oundle. There are those who purchase a property in Oundle, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that may be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Oundle. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to determine whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer could commence a claim for damages as a result of such an incorrect reply. A purchaser’s conveyancers should also commission an environmental report. This should higlight whether there is any known flood risk. If so, additional investigations should be conducted.
I am employed by a busy estate agent office in Oundle where we have experienced a number of flat sales derailed due to short leases. I have received inconsistent advice from local Oundle conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Leasehold Conveyancing in Oundle - Examples of Queries before buying
-
How is the lease structured? The prefered form of lease structure is a share of the freehold. In this situation the lessees have being in charge if their destiny and notwithstanding that a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. On the whole the outlay for major works tend not to be built into the maintenance charges, albeit that some managing agents in Oundle require leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for major works.
Is there a reason that Oundle conveyancing charges are higher for leasehold and freehold properties?
Leasehold conveyancing in Oundle will often involve additional due diligence such as checking the lease, communicating with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.