Our god-son is purchasing a new build apartment in Ponders End with a home loan from Bank of Ireland. His lawyer has said that there is a delay in receiving 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lawyers ask for money on account when it comes to conveyancing in Ponders End?
Where you are retaining lawyers for conveyancing in Ponders End your lawyer will ask you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this will be required immediately ahead of exchange of contracts. The closing balance that is due should be transferred shortly before completion.
Will our solicitor be raising enquiries concerning flooding during the conveyancing in Ponders End.
The risk of flooding is if increasing concern for lawyers dealing with homes in Ponders End. Plenty of people will buy a property in Ponders End, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or by their solicitors which should figure out the risks in Ponders End. The standard completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could issue a claim for damages resulting from an misleading reply. The buyer’s conveyancers will also carry out an enviro report. This should disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Ponders End I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Ponders End suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I have been recommended by two or three local property agents in Ponders End to find a solicitor on your site. Is there a financial upside for Estate Agents to promote your lawyers over and above alternative conveyancing organisations?
We don’t make any referral fee for sending work our way. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
We are 3 weeks into a freehold purchase having been directed to conveyancers by the local agent to do our conveyancing in Ponders End. I am am very disappointed with the level of service. Can you you assist me in finding new lawyers?
A conveyancer would need to be very bad in order to consider changing them. Has your mortgage offer been issued? If so you will need to inform them of the new contact details and get the loan are re-sent. Your solicitor ideally should be on the mortgage company approved list to avoid added expenses and delays. So that should be your starting point. The search tool will help you find a bank approved solicitor for your home move in Ponders End