My son is purchasing a new build apartment in Alnwick with a mortgage from HSBC. His lawyer has said that there is 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 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It has been 2 months since my purchase conveyancing in Alnwick completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Alnwick. Conveyancing is a frightening process 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 are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Alnwick
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am looking for a leasehold apartment up to £235,500 and found one close by in Alnwick I like with open areas and station nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Alnwick for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150,000 apartment in Alnwick in 10 days. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Alnwick?
For the majority of leasehold sales in Alnwick conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-exchange enquiries
Where consent is required before sale in Alnwick
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Alnwick Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Is anyone aware of any major works anticipated that will likely increase the maintenance charges? It would be sensible to discover if there is anything that is prohibited in the lease. For instance it is fairly common in Alnwick leases that pets are not permitted in in a block in Alnwick. If you love the propertyin Alnwick however your cat is not allowed to move with you then you will be presented with a difficult compromise.
I have been searching for Alnwick competitive conveyancing fees. Can I be assured that all the Alnwick practices that are listed on your site are on the lender conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Alnwick conveyancing solicitor being on the mortgage company conveyancing panel is not accurate.