Our son-in-law is buying a newly built flat in Harringay with a home loan from Yorkshire BS. His solicitor 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 purchase. 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 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 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.
Why do I have to pay up front for my conveyancing in Harringay?
Where you are retaining lawyers for conveyancing in Harringay your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the conveyancing searches. If any down payment is as part of the purchase price then this should be required immediately prior to exchange of contracts. Any further balance that is needed should be sent to your lawyer shortly before completion.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Harringay. Do I collect the keys to the premises on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Harringay?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the seller's solicitors, and once they have received this, you should be called to collect the keys from the Estate Agents and move into your new home. Usually this happens early afternoon.
I happen to be the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Harringay. The Harringay property was put into my name in October. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view lenders take of it, depend on the bank as this clause principally exists to identify the purchase and immediately sell or the flipping of properties.
Is it the case that all Harringay solicitor firms on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
We are purchasing a property and the lawyer has referenced Chancel Repair to which the property could be obligated to contribute to as it falls into the area of such a church. She has recommended insurance. Is this strictly appropriate for conveyancing in Harringay
Unless a prior purchase of the property completed after 12 October 2013 you may assume that lawyers carrying out conveyancing in Harringay to continue to recommend a chancel search and or chancel repair liability policy.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Harringay I like with amenity areas and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Harringay for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.