My son-in-law is in the process of securing a house that has just been built in Lakenham with a mortgage from Yorkshire BS. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
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 Yorkshire BS conveyancing panel as a standard part of the process, and to the valuer 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Lakenham? Why is this being asked of me?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Lakenham. However these days you can not complete any conveyancing transaction in the absence supplying evidence of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as evidence of identification it must be both the paper section as well as the photo card part, one is not sufficient without the other.
Proof of the source of funds is required under Money Laundering Regulations. Please do not be offended when when this is requested of you as your lawyer must have this information on file. Your Lakenham conveyancing lawyer will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they will also ask additional questions concerning the origin of monies.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Lakenham is the location of the property. What do you suggest?
Flying freeholds in Lakenham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lakenham you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lakenham may ascertain 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 residence.
My husband and I are novice buyers - agreed a price, but the estate agent advised that the vendor will only issue a contract if we appoint their chosen conveyancers as they need an ‘expedited deal’. We would rather use a family conveyancer used to conveyancing in Lakenham
It is highly unlikely the vendors are behind this. Should the owner desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Avoid the agents and go straight to the owners and make the point that (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you intend to use your own,trusted Lakenham conveyancing firm - not the ones that will provide their negotiator at the agency a commission or achieve conveyancing targets pre-set by senior management.
What advice can you give us when it comes to appointing a Lakenham conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Lakenham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Lakenham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
How experienced is the practice with lease extension legislation?
Lakenham Leasehold Conveyancing - Sample of Queries before buying
Where a Lakenham lease has less than eighty years it will affect the marketability of the apartment. It is worth checking with your bank that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be required to have owned the premises for two years before you are entitled to extend the lease. This question is important as a) areas can result in problems for the building as the communal areas may begin to deteriorate where services remain unpaid b) if the tenants have an issue with the running of the building you will wish to have full disclosure How much is the ground rent and service charge?