My grandson is buying a house that has just been built in Maida Vale with a home loan from RBS. His lawyer 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer when asked. 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is 10 years ago since I acquired my home in Maida Vale. Conveyancing lawyers have now been retained on the sale but I can't locate my title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may be in the possession of the lawyers who acted in the purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Maida Vale relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Maida Vale?
Do check but the chances are that allocate you one of their panel lawyers where you accept the "fee-free" deal. Contact the bank and determine if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Maida Vale.
Is it correct that all Maida Vale CQS (Conveyancing Quality Scheme) solicitors are on the Skipton conveyancing list of approved practices?
Some major banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
When it comes to mortgage companies such as Leeds Building Society, do Maida Vale solicitors have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We previously selected conveyancing lawyers with offices in Maida Vale on the Skipton solicitor approved list. They are now charging me a supplemental sum for dealing with the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer may levy a fee for this. The fee is not dictated by Skipton but by your Maida Vale property lawyer. Plenty of firms on the Skipton panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I've recently bought a leasehold house in Maida Vale. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Maida Vale. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to decide the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Maida Vale residence is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The unexpired residue of the current lease was 70.02 years.
I need to consider estimates for conveyancing in Maida Vale from three solicitor and choose one. Am I right to tell them to sit tight until I I have an offer accepted on a flat.
We would recommend that you wait to get your conveyancing practitioner to open a file and submit searches once the sales memorandum has been sent by the selling agent especially as Maida Vale conveyancing searches are costly.