My nephew is in the process of securing a house that has just been built in Banbury with a mortgage from Lloyds. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form 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 Lloyds conveyancing panel as a standard part of the process, and to the surveyor 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.
Having invested time reading moneysavingexpert.com for an online solicitor in Banbury, most comment that I must look for a CQS kitemarked lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing processes via the scheme protocol It covers many firms who carry out conveyancing in Banbury.
It has been five months since my purchase conveyancing in Banbury completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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.
I have been on the look out for a flat up to £305k and identified one near me in Banbury I like with open areas and railway links in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Banbury for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Back In 2006, I bought a leasehold flat in Banbury. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Banbury who previously acted has now retired. Any advice?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Banbury conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Banbury Leasehold Conveyancing - Examples of Queries before buying
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Its a good idea to discover as much as you can about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the communal areas. Don't be afraid to ask prospective neighbours whether they are happy with them. On a final note, investigate as to the dates that the maintenance charges are due to the appropriate party and precisely what it includes. Who manages the block? It would be prudent to investigate if there are any onerous restrictions in the lease. For example it is very common in Banbury leases that pets are not allowed in in a block in Banbury. If you like the flatin Banbury however your dog is not allowed to live with you then you will be faced difficult decision.
Should I be worried if there is a problem with one of the searches for our conveyancing in Banbury?
Normally, most problems exposed in Banbury conveyancing search responses can be dealt with before completion or title insurance could possibly be put on cover. You should remember that although you intend on purchasing the premises and might be willing to accept the search results, your building society or bank may not, and ultimately the decision rests with them.