My god-son is buying a newly built flat in Clerkenwell with a home loan from . His solicitor 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the 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 conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Finally the sale completed on my house in Clerkenwell last September but our buyer keeps telephoning me complaining that their lawyer is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Post completion of your disposal your conveyancer is duty bound to deliver the transfer deeds and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer must also evidence that the home loan has been repaid to the purchasers lawyers. There is unlikely to be post completion requirements specific conveyancing in Clerkenwell.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Clerkenwell I like with a park and transport links nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Clerkenwell suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am downsizing from my house. My previous lawyers have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in Clerkenwell if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Clerkenwell. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
My 20yr old son is just in the process of moving house, the home loan was agreed last week in principle. When the offer was accepted on apartment we contacted the bank to progress the mortgage application. We were shocked to hear that mortgage companies do not accept all , they need to be on their approved list, is this legal?
Lenders ordinarily imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Clerkenwell on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.