My nephew is about to exchange on a newly built flat in Woolavington with a home loan from Aldermore. His lawyer has advised him of 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 form 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 Aldermore conveyancing panel as a standard part of the process, and to the valuer 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As someone not used to conveyancing in Woolavington what’s the number one tip you can give me for the house moving process in Woolavington
You may not hear this from too many lawyers but conveyancing in Woolavington or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is lots of room for conflict between you and others involved in the ownership transfer. E.g., the seller, selling agent and on occasion a mortgage company. Choosing a lawyer for your conveyancing in Woolavington an important selection as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to act in your best interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. You must always trust your lawyer above the other players when it comes to the legal assignment of property.
We are selling our apartment in Woolavington. Will the solicitor have to be on the RBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
My wife and I purchased a 4 bedroom Georgian property in Woolavington. Conveyancing lawyer represented me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Woolavington and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing lawyer who carried out the work.
I was advised by three or four local property agents in Woolavington to find a property lawyer on your site. What’s the financial upside for Estate Agents to market your lawyers over and above another?
We don’t give any commission for sending work to this site. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £250,000 apartment in Woolavington next week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Woolavington?
Woolavington conveyancing on leasehold maisonettes nine out of ten times involves administration charges raised by freeholders :
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Completing conveyancing due diligence questions
Where consent is required before sale in Woolavington
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I acquired a basement flat in Woolavington, conveyancing was carried out in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Woolavington with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2088
With just 62 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.