My god-son is about to exchange on a new build apartment in Yiewsley with a home loan from Nottingham. His lawyer 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 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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in Yiewsley?
Where you are retaining lawyers for conveyancing in Yiewsley your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the purchase price then this will be required shortly in advance of contracts are exchanged. The final balance that is needed should be transferred shortly before completion.
I had intended to instruct a conveyancing solicitor in Yiewsley for our house purchase. Our broker informed us that our bank Chelsea Building Society won't deal with them. Surely this is unfair competition?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Yiewsley conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Yiewsley conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Yiewsley is amongst the numerous areas where the conveyancers we recommend are on the panel for Chelsea Building Society.
The estate agent has sent us the confirmation of our purchase of a new build flat in Yiewsley. Conveyancing is necessary evil 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 legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Yiewsley
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey done on a house in Yiewsley in advance of retaining conveyancers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will not give a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Yiewsley. Conveyancing may be slightly more expensive based on your lender's requirements.
My brother has urged me to use his conveyancing solicitors in Yiewsley. Do I follow his advice?
There are no two ways about it the ideal way to choose a conveyancing practitioner is to seek referrals from friends or family who have previously instructed the solicitor that you are are thinking of instructing.