My son is about to exchange on a house that has just been built in Wigan with a mortgage from Clydesdale. His conveyancer 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is 10 years ago since I bought my house in Wigan. Conveyancing lawyers have recently been appointed on the sale but I am unable to locate my title documents. Is this a problem?
Don’t worry too much. Firstly the deeds may be kept by your lender or they may be archived with the conveyancers who handled the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Most conveyancing in Wigan involves registered property but in the rare situation where your property is unregistered it is more problematic but is resolvable.
Due to the guidance of my in-laws I had a survey completed on a property in Wigan prior to instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders may refuse to grant a loan on such a property.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wigan. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wigan to see if the conveyancing will be more expensive.
Am I right to be suspicious by brokers that I am dealing with are recommending an online conveyancing firm as opposed to a High Street Wigan conveyancing firm?
As with lots of professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders might all put forward solicitors to select. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to appoint your own lawyer. Don't forget that some mortgage providers operate an approved list of lawyers you have to use for the lender related work in your transaction.
I am employed by a busy estate agent office in Wigan where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Wigan conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Wigan Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
-
Are any of leasehold owners in dispute over their service charge payments? What is the the remaining lease term? Does the lease include onerous restrictions?
The property lawyers conducting our conveyancing in Wigan has forwarded documents to review that reveal that the land is unregistered with epitome documents. How can it be that the property not yet recorded at HM Land Regsitry?
Most property in Wigan is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Wigan conveyancing practitioners will be capable of dealing with this type of conveyancing but if any uncertainty reigns the prevailing proposition presently seems to be for the seller’s conveyancer to address the registration formalities first and subsequently deal with the disposal - this will have a knock on effect to cause a prolonged transaction.