Our nephew is in the process of securing a house that has just been built in Aspley Guise with a home loan from RBS. His solicitor 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 engaged 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 surveyor 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I'm buying a new build house in Aspley Guise benefiting from help to buy. The builders would not move on the amount so I negotiated £7000 of additionals instead. The property agent told me not inform my conveyancer about this side-deal as it may jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 have been on the look out for a ground for flat up to £245,000 and found one close by in Aspley Guise I like with a park and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Aspley Guise for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
How does the Landlord & Tenant Act 1954 affect my commercial offices in Aspley Guise and how can your lawyers assist?
The 1954 Act provides a safeguard to business leaseholders, giving them the legal entitlement to apply to court for a new tenancy and remain in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Aspley Guise
Am I better off to appoint a Aspley Guise conveyancing practitioner in close proximity to the house I am buying? An old friend can carry out the conveyancing but her office is over three hundred kilometers drive away.
The benefit of a local Aspley Guise conveyancing practice is that you can attend the office to sign paperwork, hand in your ID and pester them if necessary. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were impressed that should outweigh using an unknown Aspley Guise conveyancing lawyer just because they are Aspley Guise based.
We expect to complete our sale of a £200,000 flat in Aspley Guise next Thursday. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Aspley Guise?
Aspley Guise conveyancing on leasehold apartments normally necessitates the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They are entitled to invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the registered owner of a 2 bed flat in Aspley Guise, conveyancing having been completed May 1996. How much will my lease extension cost? Comparable flats in Aspley Guise with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2077
With just 52 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.