Our nephew is in the process of securing a newly built flat in Shenley Church End with a home loan from HSBC. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. 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.
My property lawyer in Shenley Church End is not on the Lloyds TSB Bank Approved Panel. Can I still retain my family solicitor even though they are excluded from the Lloyds TSB Bank approved list?
Your options are as follows:
- Carry on with your existing Shenley Church End lawyers but Lloyds TSB Bank will need to instruct a lawyer on their list of acceptable firms. This will result in additional total conveyancing fees and cause frustration.
- Find a new practitioner to to deal with the purchase, obviously checking they are on the Lloyds TSB Bank panel
Will our solicitor be asking questions about flooding as part of the conveyancing in Shenley Church End.
Flooding is a growing risk for solicitors dealing with homes in Shenley Church End. Plenty of people will buy a house in Shenley Church End, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that may be initiated by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Shenley Church End. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to discover if the premises has ever been flooded. If the residence has been flooded in past and is not revealed by the vendor, then a buyer could commence a legal claim for losses stemming from an incorrect response. The buyer’s solicitors may also carry out an environmental report. This will reveal if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Shenley Church End I like with open areas and transport links nearby, the downside is that it only has 51 years on the lease. There is not much else in Shenley Church End suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
In my capacity as executor for the will of my uncle I am selling a property in Neath but reside in Shenley Church End. My lawyer (based 200 miles awayrequires that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Shenley Church End who can attest and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Shenley Church End based