Our son is purchasing a new build apartment in Yarmouth with a mortgage from Aldermore. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged 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 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 Aldermore 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 Yarmouth? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Yarmouth. Nowadays you will not be able to complete any conveyancing process in the absence supplying evidence of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as proof of identification it must be both the paper part and photo card part, one is not satisfactory in the absence of the other.
Evidence of the source of funds is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer must have this information on record. Your Yarmouth conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask further questions regarding the origin of funds.
I'm the only beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Yarmouth. The Yarmouth property was put into my name in December. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view banks take of it, depend on the mortgage company as this requirement primarily exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
When it comes to mortgage companies such as Principality, do Yarmouth lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
The formalities of my purchase has taken place for my property in Yarmouth. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
My relative recommended that if I am purchasing in Yarmouth I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Yarmouth conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Yarmouth around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Yarmouth Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Yarmouth Education with maps and statistics, Local Amenities and other useful data regarding Yarmouth.
Am I right to be suspicious about third parties that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Yarmouth conveyancing firm?
As with lots of professional services, often recommendations from family and friends can be most helpful. Nevertheless there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may suggest solicitors to retain. On occasion the lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that some lenders operate an approved list of lawyers you must use for the mortgage related work in your home move.
Last September I purchased a leasehold house in Yarmouth. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a garden flat in Yarmouth, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Yarmouth with an extended lease are worth £202,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2082
With only 57 years remaining on your lease the likely cost is going to be between £28,500 and £33,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.