My grandson is purchasing a new build apartment in Wimbledon with a mortgage from UBS. His solicitor has said that there is 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 UBS conveyancing panel as a standard part of the process, and to the surveyor 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are selling our home in Wimbledon. Will my lawyer have to be on the Barclays conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Various online forums that I have come across warn that are a common reason for delay in Wimbledon house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Wimbledon.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Wimbledon is where the house is located. Is there any advice you can give?
Flying freeholds in Wimbledon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wimbledon you must be sure that your lawyer goes 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 Wimbledon 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 property.
We're novice buyers - agreed a price, but the estate agent informed us that the owners will only proceed if we instruct their preferred solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Wimbledon
It is improbable the vendors are driving this. Should the owner desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is is going to put the whole deal at risk. Speak to the vendors direct and explain that (a)you are motivated purchasers (b)you are ready to progress, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)but you intend to use your own,trusted Wimbledon conveyancing firm - rather thanthe ones that will give their negotiator at the agency a referral fee or achieve conveyancing targets pre-set by head office.