Our son-in-law is in the process of securing a new build apartment in Baglan with a mortgage from RBS. His lawyer 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 RBS 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 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 own a terraced Edwardian house in Baglan. Conveyancing practitioner acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Baglan and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing practitioner who conducted the work.
I'm purchasing my first flat in Baglan with a loan from Yorkshire Building Society. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my solicitor about the extras as it may put at risk my mortgage with Yorkshire Building Society. Is this normal?.
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.
What tools are available to identify a Baglan solicitor on the Skipton Building Society conveyancing panel? I have wheels and am willing to travel upto 25miles to meet the solicitor.
Feel free to make use of the tool on this page. Please pick a bank and your location and you will see a number of Baglan conveyancing lawyers located nearest you. We have listed some Baglan conveyancing firms at the bottom of this page and you can call them to verify if they are on the Skipton Building Society member panel
My uncle has recommend that I instruct his conveyancers in Baglan. Do I take his guidance?
There are no two ways about it it’s preferable to find a conveyancing solicitor is to get recommendations from friends or family who have experience in using the conveyancer you're considering.
What are the frequently found defects that you see in leases for Baglan properties?
Leasehold conveyancing in Baglan is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I acquired a 1st floor flat in Baglan, conveyancing having been completed October 2001. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Baglan with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2090
With 64 years remaining on your lease we estimate the premium for your lease extension to range between £15,200 and £17,600 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.