My son is about to exchange on a newly built flat in Potton with a mortgage from Co-operative. His conveyancer 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We previously appointed conveyancers based in Potton on the TSB solicitor approved list. They are now charging me an additional fee for handling the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. The charge is not dictated by TSB but by your Potton conveyancing practitioner. Numerous firms on the TSB panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
I have decided to exercise my right to buy my property in Potton off the council. I have a mortgage agreed with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
After weeks of negotiation I have agreed a price on a house in Potton. My financial adviser suggested a lawyer. I paid an upfront payment of £200. Shortly after, the property lawyer called me to say that they were not on the Leeds Building Society 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 Leeds Building Society 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.
I am looking for a flat up to £245,000 and identified one round the corner in Potton I like with amenity areas and station nearby, however it only has 52 years unexpired on the lease. There is not much else in Potton for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
In my capacity as executor for the estate of my grandfather I am selling a house in Neath but reside in Potton. My solicitor (who is 250 kilometers awayhas requested that I execute a stat dec ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Potton to witness this legal document for me?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are located in Potton
What are your top tips when it comes to choosing a Potton conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Potton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Potton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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What are the legal fees for lease extension conveyancing? If the firm is not ALEP accredited then what is the reason?
Potton Leasehold Conveyancing - A selection of Queries before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? The answer will be helpful as a) areas may cause problems in the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will want to have complete disclosure Is anyone aware of any major works in the planning that will likely increase the maintenance fees?
We have had DIP from Bank of Ireland who indicated we could borrow up to £218k. When do we need to instruct a practitioner for conveyancing? Potton is where we plan to move to.
You can instruct a lawyer now and ask them to open a file on your behalf. This will facilitate: 1) the estate agent to issue a Sales Memorandum to all parties 2) the seller’s solicitor to submit the draft paperwork. However, do not ask your solicitor to order searches until you receive your valuation report from Bank of Ireland and you are happy to proceed.