Our nephew is in the process of securing a newly built flat in Stratford with a home loan from Nationwide. 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 Nationwide conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should lawyers ask for money up-front for my conveyancing in Stratford?
If you are buying a property in Stratford your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this should be asked for shortly in advance of contracts are exchanged. The closing balance that is due should be transferred a couple of days prior to the day of completion.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Stratford.
The risk of flooding is if increasing concern for solicitors dealing with homes in Stratford. There are those who acquire a house in Stratford, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a various searches that may be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Stratford. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to discover whether the premises has suffered from flooding. In the event that the premises has been flooded in past and is not revealed by the vendor, then a purchaser may issue a legal claim for losses resulting from an inaccurate response. The purchaser’s lawyers should also conduct an enviro report. This should disclose if there is a recorded flood risk. If so, further inquiries should be conducted.
I am looking for a flat up to £235,500 and identified one close by in Stratford I like with open areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Stratford in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price 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 current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Is it possible to switch conveyancer as I have to appoint a firm on the Norwich and Peterborough Building Society conveyancing panel. I was using a family conveyancing solicitor in Stratford five minutes from me but he is not accepted by Norwich and Peterborough Building Society
We will our best to assist in finding you a conveyancing solicitor in Stratford on the Norwich and Peterborough Building Society panel. Please note that the property lawyers that we on the directory do not pay us a referral fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Stratford. In utilising search facility on this page, you can compare fees for conveyancing solicitors in Stratford and beyond.
What advice can you give us when it comes to appointing a Stratford conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Stratford conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Stratford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the legal fees for lease extension conveyancing?
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Stratford. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Stratford flat is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case related to 2 flats. The unexpired lease term was 72.02 years.