My nephew is in the process of securing a new build apartment in Stotfold with a home loan from Co-operative. His conveyancer has said that there is 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 engaged 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 valuer 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.
The Stotfold conveyancing firm that just started acting on my purchase in Stotfold have suddenly shut down. I chose them because I had to have a lawyer on the Clydesdale conveyancing panel and my family Stotfold lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then let them know straight away 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 will need to appoint new lawyers that are on the Clydesdale 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 solicitors should be in a position to help.
How does conveyancing in Stotfold differ for new build properties?
Most buyers of new build premises in Stotfold approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Stotfold typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stotfold or who has acted in the same development.
Am I better off to use a Stotfold conveyancing lawyer based in the location that I am hoping to buy? We have a good friend who can perform the legal formalities but her office is 400miles away.
The benefit of a high street Stotfold conveyancing firm is that you can attend the office to sign paperwork, deliver your ID and pester them if necessary. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and the majority were content that should outweigh using an unfamiliar Stotfold conveyancing solicitor solely due to them being based in the area.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375,000 maisonette in Stotfold next Tuesday. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stotfold?
Stotfold conveyancing on leasehold apartments normally involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a ground floor flat in Stotfold, conveyancing was carried out November 1999. How much will my lease extension cost? Corresponding properties in Stotfold with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2085
With only 60 years unexpired the likely cost is going to span between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.