My son is buying a newly built flat in Stafford with a mortgage from RBS. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should our solicitor be raising enquiries about flooding during the conveyancing in Stafford.
Flooding is a growing risk for solicitors dealing with homes in Stafford. There are those who buy a house in Stafford, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that can be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Stafford. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may bring a legal claim for losses stemming from an inaccurate answer. The buyer’s lawyers may also order an environmental search. This should reveal whether there is any known flood risk. If so, more detailed investigations will need to be made.
How does conveyancing in Stafford differ for new build properties?
Most buyers of new build premises in Stafford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Stafford typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stafford or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one near me in Stafford I like with a park and transport links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Stafford for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I am a sole trader planning to lease a unit on a shopping parade. Can you recommend solicitors offering competitive charges for non-domestic conveyancing in Stafford for less than 1500k?
We can recommend firms who have specialist knowledge of commercial conveyancing in Stafford, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to acquire or sell a shop, pub, restaurant, office, retail unit or a complete business we will find you the right solicitor. As for the fees these will vary based on the structure and terms of the proposed transaction. Please provide us with your details or phone so as to enable us to supply you with comprehensive commercial conveyancing quote.
Our bank agreed in principle to give us a mortgage. We are using a local conveyancer in Stafford two days ago. This morning, our mortgage adviser phoned to advise us that the bank said that we cannot use our solicitor as they aren't on their panel. As novices, we did not have a clue that the mortgage company had some control over our choice Is this permitted?
You are at liberty to choose any conveyencer you wish to instruct including the said conveyancer in Stafford but if your lender aren't happy with them you must incur an extra fee so the mortgage company can retain their own conveyancer too. On occasion it is possible your preferred conveyancing firm to get added to the lender panel. Do make the most of internet search facilities such as lenderpanel.com to find a conveyancing solcitor in Stafford on the lender panel. You can go into your high street lender branch in Stafford. They can recommend conveyancing solicitors in Stafford on the approved list.