Our son is about to exchange on a new build apartment in Woking with a home loan from Bank of Ireland. His solicitor 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 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 Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when asked. 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.
It has been five months since my purchase conveyancing in Woking completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 premises 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.
Just had an offer accepted on a new build flat in Woking. 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 is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Woking
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision.
As co-executor for the estate of my grandmother I am disposing of a house in Newport but I am based in Woking. My solicitor (who is 235 miles from merequires that I execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing solicitor in Woking to witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are located in Woking
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Woking. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Woking are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Woking so you should seriously consider looking for a Woking conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
Leasehold Conveyancing in Woking - Sample of Questions you should ask before Purchasing
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It would be wise to enquire if there are any onerous prohibitions in the lease. For example some leases prohibit pets being permitted in certain buildings in Woking. If you like the flatin Woking however your cat can’t live with you then you will be faced difficult choice. Are any of leasehold owners in arrears of their service charge liability? How much is the ground rent and service charge?
Do I need to attend the offices of the mortgage company conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Woking as it will be easier to attend their offices if required.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Woking.