My grandson is purchasing a newly built flat in Woodford with a mortgage from Co-operative. His solicitor has said that there is a delay in receiving 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 Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What happens if my lawyer’s firm is expelled from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Woodford?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My wife and I are buying a property in Woodford. I might seem paranoid but how we can trust a lawyer? At some point we will need to deposit funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is the difference between a licensed conveyancer and conveyancing solicitor in Woodford
There are two types of lawyers who can conduct conveyancing in Woodford namely CLC regulated conveyancers or solicitors. The two can provide conveyancing services that required to complete the disposal or purchase of property. They are both duty bound to conduct Woodford conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be professionally administered and that all necessary steps should be accurately attended to.
We expect to receive a DIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Woodford solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Woodford solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I moved into my apartment on 12 November and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Woodford said it should be formalised in less than a month. Are transfers in Woodford uniquely lengthy to register?
There is nothing unique about conveyancing in Woodford registration formalities. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether there are errors and if the Land registry need to notify any third persons or bodies. At present in the region of three quarters of such applications are fully dealt with within 12 days but occasionally there can be protracted delays. Registration occurs after the purchaser is living at the property thus registration formalities is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer can speak with the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Woodford is where the house is located. Is there any guidance you can give?
Flying freeholds in Woodford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woodford 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 Woodford may determine 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.