Our god-son is in the process of securing a newly built flat in Acklam with a mortgage from Nationwide. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?

The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

Are the Acklam conveyancing solicitors identified as being on the Principality conveyancing panel, together with their details provided by Principality?

Acklam conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.

Are all Acklam Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?

It is true that some banks and building societies now make use of CQS 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 Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.

The mortgage over my property is with Leeds Building Society for my property in Acklam. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?

Your original mortgage agreement with Leeds Building Society will provide that you need their approval prior to letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel lawyer.

I have instructed a Acklam conveyancer having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?

TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Acklam surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.

How does conveyancing in Acklam differ for new build properties?

Most buyers of new build premises in Acklam come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Acklam tend to purchase 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 property lawyers 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 accustomed to new build conveyancing in Acklam or who has acted in the same development.

Can you provide any advice for leasehold conveyancing in Acklam from the point of view of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Acklam can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
You believe that you know the number of years left on your lease but you should verify this via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a replacement share certificate is often a lengthy process and delays many a Acklam conveyancing transaction. Where a new share certificate is required, do contact the company officers or managing agents (if relevant) for this as soon as possible. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved. The majority of landlords or Management Companies in Acklam charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Acklam.

Leasehold Conveyancing in Acklam - Examples of Questions you should ask Prior to buying

Does the lease have more than 82 years unexpired? For many Acklam leaseholds the outlay for major works tend not to be included within maintenance charges, although a few managing agents in Acklam require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for major repairs or maintenance. Plenty Acklam leasehold flats will be liable to pay a service bill for maintenance of the building invoiced by the freeholder. If you purchase the apartment you will have to pay this amount, usually periodically accross the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say around £50-£100 but you need to check it because on occasion it can be many hundreds of pounds.