Our son is about to exchange on a house that has just been built in Barnstaple with a home loan from Virgin Money. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am mortgaging my home in Barnstaple, does my lawyer have to be on the Santander Conveyancing panel?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Just acquired a semi-detached house in Barnstaple , What is the estimated time for the Land Registry to register my ownership? My Barnstaple conveyancing solicitor has been painfully slow, so I want to check the registration formalities are concluded.
As far as conveyancing in Barnstaple is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can vary according to the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. At present approximately 80% of such applications are completed in less than three weeks but occasionally there can be longer hold-ups. Historically registration takes place once the purchaser is living at the property therefore registration formalities is not typically top priority but if there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Barnstaple is where the house is located. Can you shed any light on this issue?
Flying freeholds in Barnstaple are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barnstaple you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barnstaple may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am a negotiator for a long established estate agency in Barnstaple where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Barnstaple conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1st floor flat in Barnstaple, conveyancing was carried out July 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Barnstaple with a long lease are worth £211,000. The ground rent is £45 yearly. The lease ends on 21st October 2093
With 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
Living abroad I am unable to attend my Barnstaple conveyancing lawyers office to sign documents for conveyancing in Barnstaple – will this be an issue?
You need not be concerned. Barnstaple conveyancing solicitors can undertake home moves for clients from a distance. You are unlikely to be required to be present a Barnstaple conveyancers office. They can deal with all communications remotely from their Barnstaple office.