Our son is in the process of securing a house that has just been built in Armthorpe with a home loan from Leeds Building Society. His conveyancer 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 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We note that you have a post code search directory identifying law firms on the Nationwide conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Armthorpe?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Armthorpe.
I am purchasing a house and need a conveyancing solicitor in Armthorpe who is on the Coventry Building Society conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Armthorpe. We dont recommend any particular firm.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Armthorpe.
Flooding is a growing risk for lawyers carrying out conveyancing in Armthorpe. Plenty of people will purchase a house in Armthorpe, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Armthorpe. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out whether the property has ever been flooded. If flooding has previously occurred which is not notified by the owner, then a purchaser could bring a compensation claim as a result of such an inaccurate answer. The purchaser’s lawyers should also carry out an environmental search. This should higlight if there is any known flood risk. If so, further investigations will need to be initiated.
I'm buying a new build house in Armthorpe with a mortgage from Virgin Money. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The property agent suggested that I not reveal to my solicitor about this deal as it could adversely affect my mortgage with Virgin Money. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I wish to let out my leasehold apartment in Armthorpe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs relations between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Armthorpe do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I inherited a 1 bedroom flat in Armthorpe, conveyancing formalities finalised September 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Armthorpe with an extended lease are worth £216,000. The ground rent is £50 levied per year. The lease ends on 21st October 2094
With only 69 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.