Our god-son is about to exchange on a new build apartment in Willen with a mortgage from Santander. His solicitor has advised him of 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Willen? Why is this being asked of me?
Willen conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Proof of the origin of monies is also required under the money laundering statutes as lawyers are obliged to investigate that the monies you are using to acquire a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the product of illegitimate activity.
It has been four months following my purchase conveyancing in Willen concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Willen. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Willen
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Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.
I am looking into buying my first house which is in Willen and I am already nervous. I couldn't find anything specific about Willen. Conveyancing will be needed in due course but do you know about the Willen area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Willen. In the meantime here are some basic statistics that we found
Completion is due on our sale of a £450,000 garden flat in Willen on Friday in a week. The management company has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Willen?
Willen conveyancing on leasehold maisonettes nine out of ten times necessitates fees being raised by landlords agents :
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Addressing conveyancing due diligence questions
Where consent is required before sale in Willen
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Willen Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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You should want to find out as much as you can regarding the managing agents as they can either make life much simpler or uncomfortable. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the common parts. You should not be shy to ask prospective neighbours what they think of them. On a final note, investigate as to the dates that the maintenance fees are due to the managing agents and specifically what it includes. Where a Willen lease has fewer than 80 years it will affect the marketability of the property. It is worth checking with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this will be. For most Willenlease extensions you would be required to have been the owner of the premises for two years in order to be legally able to exercise a lease extension. How long is the Lease?