Our son is purchasing a newly built flat in Topsham with a mortgage from Bank of Ireland. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do banks and building societies provide you with an approved list of Topsham conveyancing solicitors? How do you know who is on the Santander conveyancing panel?
Topsham conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
We're in Topsham, First timers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it simple use your search facility to find a conveyancing solicitor in Topsham on the panel for my lender?
First choose a mortgage company such as Lloyds TSB Bank, Coventry Building Society or Clydesdale then specify your location such as Topsham. Conveyancing organisations in Topsham and beyond will then be shown.
I am on look out for some leasehold conveyancing in Topsham. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Topsham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a ground floor flat in Topsham, conveyancing formalities finalised in 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Topsham with over 90 years remaining are worth £181,000. The ground rent is £55 levied per year. The lease expires on 21st October 2077
With just 51 years left to run we estimate the premium for your lease extension to span between £30,400 and £35,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Me and my partner are planning to purchase a 2 bedroom ground floor flatin Topsham with a home loan from a bank. We wish to instruct our solicitor in Topsham but our lender says he's not on their "panel". It seems we have little choice but to instruct one of the our bank panel solicitors or stay with our Topsham solicitor and incur the extra fees for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The bank mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank's conveyancing panel. Until recently, most lenders had open panels, including most conveyancing solicitors in Topsham : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your mortgage company.