Our son-in-law is buying a new build apartment in Swansea East with a mortgage from Leeds Building Society. His lawyer has said that there is a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is it correct that all Swansea East CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing panel?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
We have agreed to purchase a house in Swansea East. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As you are obtaining a mortgage with TSB your lawyer must check the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for TSB. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to TSB where a lease does not meet these specifications. The provisions relate to the installation of panels on properties nationwide and is not limited to Swansea East.
Nottingham have agreed my mortgage in principle, my bid on a flat in Swansea East has been agreed to, now what?
The property agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Contact Nottingham or your financial adviser and complete any appropriate paperwork. Nottingham will instruct a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Nottingham will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Swansea East.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial premises in Swansea East?
Many commercial conveyancing solicitors in Swansea East will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Swansea East. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Swansea East.
For each commercial conveyancing transaction in Swansea East it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Swansea East commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Swansea East.
Are there restrictive covenants that are commonly picked up during conveyancing in Swansea East?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Swansea East. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How straightforward is it to use the search facility to select a conveyancing lawyer in Swansea East on the approved list for my bank?
Step one is to choose a lender such as Santander, The Royal Bank of Scotland or Aldermore then type in your location for example Swansea East. Conveyancing firms in Swansea East and across England and Wales will then be shown.
I've recently bought a leasehold property in Swansea East. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Swansea East - Sample of Queries before buying
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What is the the remaining lease term? It would be prudent to find out as much as you can about the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the common parts. Don't be afraid to ask other people what they think of them. On a final note, find out the dates that the service charges are due to the appropriate party and specifically how they are spending that money. Most Swansea East leasehold apartments will be liable to pay a service bill for maintenance of the block set by the freeholder. Should you acquire the flat you will have to meet this contribution, usually in instalments during the year. This may be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay annual, normally this is not a exorbitant sum, say about £25-£75 but you should to check as occasionally it could be many hundreds of pounds.