Our god-son is in the process of securing a new build apartment in Hendon with a mortgage from Lloyds. 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Hendon last January yet the purchaser is e-mailing me to moan that their lawyer is waiting to hear from mine. What should have happened following completion?
Following your sale your lawyer is obliged to forward the transfer documentation and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer must also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There are no post completion steps peculiar conveyancing in Hendon.
I am assisting my mother sell her property in Hendon. Will the conveyancer commission an energy assessment or do I organise this?
Following the demise of HIPs, energy performance certificates remained a required element of selling a house. An EPC must be commissioned before the property is put on the market. This is not something that conveyancers normally organise. If you are instructing a Hendon conveyancing solicitor they might help arrange EPC’s given their contacts with reputable local accredited person
Is it the case that all Hendon conveyancing solicitors on the Leeds Building Society conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I currently have a mortgage with HSBC for my property in Hendon. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
You must advise HSBC prior to renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel firm.
How does conveyancing in Hendon differ for newly converted properties?
Most buyers of new build property in Hendon approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because developers in Hendon typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hendon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Hendon is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hendon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hendon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hendon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.