Our god-son is buying a house that has just been built in Fairlop with a mortgage from HSBC. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 HSBC conveyancing panel as a standard part of the process, and to the valuer 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do the Building Society Association intend to launch a search tool with a view to list law firms on the Darlington Building Society conveyancing panel for instance in Fairlop?
We would not expect to be advised of any intention on the part of the BSA to develop such a register.
How does conveyancing in Fairlop differ for new build properties?
Most buyers of new build property in Fairlop approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Fairlop tend to 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 property lawyers 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 accustomed to new build conveyancing in Fairlop or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Fairlop I like with a park and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Fairlop for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to 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 consult your conveyancing solicitor about this matter.
I have just started marketing my 2 bed apartment in Fairlop.Conveyancing solicitors are to be appointed soon but I have recently received a quarterly service charge invoice – Do I pay up?
It best that you discharge the service charge as usual because all rents and service invoices should be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process