Our grandson is about to exchange on a newly built flat in Somersham with a home loan from Skipton. 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 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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
If you had a top tip for choosing a conveyancing solicitor in Somersham what would it be?
Do not opt for the cheapest Somersham conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
What is the difference between a licensed conveyancer and conveyancing solicitor in Somersham
Two types of professional can conduct conveyancing in Somersham namely CLC regulated conveyancers or solicitors. The two can handle the legal services that you need to complete the disposal or acquisition of property. They are both required to perform Somersham conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly administered and that all requisite procedures should be correctly attended to.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Somersham solicitor on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Should our lawyer be asking questions about flooding as part of the conveyancing in Somersham.
The risk of flooding is if increasing concern for lawyers dealing with homes in Somersham. Some people will buy a house in Somersham, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that can be undertaken by the purchaser or by their conveyancers which will figure out the risks in Somersham. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the premises has historically flooded. In the event that the residence has been flooded in past which is not notified by the seller, then a buyer could commence a claim for damages as a result of such an misleading response. The buyer’s solicitors should also order an enviro search. This will disclose whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
It has been 3 months since my purchase conveyancing in Somersham completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Somersham I like with amenity areas and transport links nearby, however it's only got 49 years on the lease. There is not much else in Somersham for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises 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 with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My lawyers in Somersham have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.