Our god-son is purchasing a new build apartment in Oval with a mortgage from TSB. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are purchasing a house and need a conveyancing solicitor in Oval who is on the Aldermore approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore . We don't recommend any particular firms conducting conveyancing in Oval.
I have recentlybecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Oval for a purchase of a leasehold flat 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Oval conveyancing specialists.
I am looking for a leasehold apartment up to £195,000 and identified one close by in Oval I like with open areas and transport links nearby, the downside is that it only has 52 years on the lease. There is not much else in Oval for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
My husband and I are acquiring a ground floor flat in Oval. When we first instructed solicitor, we were told they were on all mainstream lender panels. The financial adviser contacted us yesterday to say that they don't appear to be on the Coventry BS approved list. Should that be true, what should we do? Do we just find a different solicitor that is on their approved list or do we cover the costs for dual representation, with Coventry BS selecting their own preferred conveyancing practitioner.
When buying a property with mortgage finance it is normal for the purchaser’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to satisfy. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Coventry BS to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Coventry BS's conveyancing panel and you may continue to use your own Oval solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another property lawyer into the equation.