My nephew is about to exchange on a newly built flat in Rainford with a home loan from Skipton. His solicitor has advised him of 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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When does exchange of contracts occur in sale conveyancing in Rainford and am I required to attend the lawyers office?
If you are in close proximity to one of the conveyancing solicitors in Rainford you are invited in to sign contracts. However, the law practices we recommend provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you digitally. The executing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rainford)to be in the office at the appropriate time.
The Rainford conveyancing solicitors that just started acting on my purchase in Rainford have without warning closed. They were on acting for me because I needed a firm on the Skipton conveyancing panel and my preferred Rainford lawyer was not. I issued them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
Do I need to be suspicious about 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Rainford conveyancing practice?
As is the case with many professional services, often recommendations from family and friends can be worth their weight in gold. Nevertheless there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest lawyers to instruct. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to choose your preferred conveyancer. You need to be aware that some mortgage providers operate an approved list of law firms you have to use for the mortgage related work in your home move.
Having had my offer accepted I require leasehold conveyancing in Rainford. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Rainford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a 2 bed flat in Rainford, conveyancing having been completed 10 years ago. How much will my lease extension cost? Similar properties in Rainford with a long lease are worth £181,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2076
With just 50 years remaining on your lease we estimate the premium for your lease extension to be between £32,300 and £37,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.