My son-in-law is buying a new build apartment in Ash with a mortgage from Lloyds. 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 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your database of Ash solicitors on the TSB conveyancing panel? Do TSB send you an updated list?
Ash conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
I am considering mortgaging my apartment in Ash, does my lawyer need to be on the Bank of Ireland Solicitor panel?
In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I am assisting my mother sell her property in Ash. Will the conveyancing solicitor commission the energy assessment or it is for me to coordinate?
After the abolition of HIPs, EPC’s remained a compulsory component of moving property. An energy assessment needs to be commissioned before the property is advertised. It is not a task that law firms ordinarily organise. Where you are using a Ash conveyancing lawyer they might help arrange energy assessments due to their relationships with long established Ash accredited person
This question may be naive but I am unexperienced as a 1st time buyer of a two bedroom flat in Ash. Do I pick up the keys to the premises on completion from my lawyer? If this is the case, I will instruct a local conveyancing solicitor in Ash?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and once they have received this, you should be called to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
Last month we had a mortgage agreed in principle with Leeds Building Society. Ash conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society done the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Just had an offer accepted on a new build flat in Ash. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ash
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have just started marketing my garden flat in Ash. Conveyancing is yet to be initiated, however I have just received a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Ash Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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The answer will be helpful as a) areas could cause problems for the block as the common areas may start to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will need to have full disclosure The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent retained by the leaseholders. Where a Ash lease has fewer than eighty years it will have adverse implications on the marketability of the apartment. Check with your lender that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this will be. For most Ashlease extensions you will need to own the property for two years in order to be eligible to extend the lease.