My nephew is about to exchange on a house that has just been built in Harringay with a home loan from Bank of Ireland. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When it comes to mortgage companies such as UBS, do Harringay property lawyers face a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I am due to exchange contracts on my flat. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being difficult. The Harringay solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Clydesdale have agreed my home loan in principle, my bid on a property in Harringay has been accepted, now what?
Your property agent will want to be advised as to your property lawyer's details (be sure the conveyancers are on the lender’s panel). Call up Clydesdale or your financial adviser and complete any outstanding forms. Clydesdale will sellect a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Clydesdale will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Harringay.
I require fast conveyancing in Harringay as I have an ultimatum to complete inside one month. Luckily I do not need a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you are at free not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Harringay the following are examples of what can appear and adversely affect future saleability: Enforcement Notices, Overdue Fees, Overdue Grants, Railway Schemes,...
I am buying a new build flat in Harringay. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Harringay
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Harringay I like with amenity areas and transport links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Harringay in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I own a leasehold flat in Harringay. Conveyancing and Barnsley Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Harringay who acted for me is not around. Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Harringay conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
We have reached the end of our tether in trying to purchase the freehold in Harringay. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Harringay conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Harringay residence is 37 St. Margarets Avenue in January 2010. Following a vesting order by Edmonton County Court on 8th November 2008 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case related to 2 flats. The unexpired residue of the current lease was 74.75 years.