Our son is in the process of securing a new build apartment in South Tottenham with a home loan from HSBC. His conveyancer has said that there is a delay in completing 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in South Tottenham? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in South Tottenham. Nowadays you can not proceed with any conveyancing transaction in the absence handing over evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of identification it must be both the paper part and photo card part, one is not acceptable without the other.
Evidence of the origin of money is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancing solicitor must have this information on file. Your South Tottenham conveyancing lawyer will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask further questions regarding the source of funds.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in South Tottenham?
Unless a prior purchase of the house completed after 12 October 2013 you could expect solicitors carrying out conveyancing in South Tottenham to continue to suggest a chancel search and or chancel repair liability insurance.
I have been recommended by numerous selling agents in South Tottenham to get a quote from a property lawyer on your site. Is there a financial incentive for Estate Agents to promote your lawyers over a competitor’s?
We don’t make any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
What advice can you give us when it comes to finding a South Tottenham conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a South Tottenham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non South Tottenham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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Can they put you in touch with clients in South Tottenham who can give a testimonial?
I have given up trying to purchase the freehold in South Tottenham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a South Tottenham conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a South Tottenham property is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The remaining number of years on the lease was 74.13 years.
I have just had an offer accepted on a leasehold flat in South Tottenham and the mortgage adviser that we are dealing with suggested his solicitor. They quoted £900 including VAT and disbursements. Does this sound reasonable?
You should not rely on a single estimate. You should obtain like-for-like quotes for your conveyancing in South Tottenham. Then select one that you are comfortable with and crucially, is on the approved panel of the lender that you are sourcing your mortgage from.