My son-in-law is about to exchange on a newly built flat in Barrow Upon Soar with a home loan from Nottingham. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document 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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Barrow Upon Soar?
You should check but the the likelihood is that give you one of their panel solicitors where you take up the "fee-free" deal. Call the bank and see if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Barrow Upon Soar.
I am buying a property in Barrow Upon Soar. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must comply with the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Santander where a lease fails to satisfy these requirements. The requirements relate to the installation of panels on properties countrywide and is not isolated to Barrow Upon Soar.
I have paid off my mortgage with Kent Reliance. I assume I don't need a Barrow Upon Soar lawyer on the Kent Reliance panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
After much negotiation I have agreed a price on an apartment in Barrow Upon Soar. My financial adviser suggested a property lawyer. I paid an on account payment of £200. A couple of days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Barrow Upon Soar with a mortgage from TSB. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about this extras as it will impact my mortgage with the bank. 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.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Barrow Upon Soar is where the house is located. What do you suggest?
Flying freeholds in Barrow Upon Soar are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barrow Upon Soar you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barrow Upon Soar may determine 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 today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Barrow Upon Soar. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Barrow Upon Soar ?
Most houses in Barrow Upon Soar are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Barrow Upon Soar so you should seriously consider looking for a Barrow Upon Soar conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I inherited a split level flat in Barrow Upon Soar, conveyancing was carried out April 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Barrow Upon Soar with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease runs out on 21st October 2078
With 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.