My god-son is buying a newly built flat in Barry with a mortgage from Coventry BS. His solicitor has said that there is 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you help - my lawyer advises that lack of planning permission insurance is needed on my purchase. What is the level of cover for Barry conveyancing?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
The mortgage over my property is with Clydesdale for my property in Barry. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
You must advise Clydesdale before letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
I have finally had an offer on an apartment in Barry accepted, the sellers do however have a tied purchase. The vendors have placed an offer on a flat, but it’s not been accepted yet, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Barry. What do I do now? When should I get the mortgage application with Nationwide going?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of £1k, then valuation, Barry conveyancing search costs, etc). The first course of action is to check that your conveyancing practitioner is on the Nationwide conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your case, attraction to the property and on the state of the market. During a buoyant market many home buyers will apply for a home loan with Nationwide and pay for the valuation and only if it comes back ok would they request their conveyancer to proceed with the conveyancing in Barry.
Just had an offer accepted on a new build apartment in Barry. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Barry
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
My husband and I are new on the property ladder - had an offer accepted, yet the estate agent informed us that the vendor will only issue a contract if we use their recommended lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Barry
It is highly unlikely the owners are driving this. Should the vendor desire ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Bypass the agents and go straight to the owners and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to appoint your own,trusted Barry conveyancing firm - rather thanthe ones that will provide their negotiator at the agency a commission or meet his conveyancing thresholds pre-set by head office.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Barry. Conveyancing is yet to be initiated, however I have just had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as normal as all rents and service payments will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a studio flat in Barry, conveyancing was carried out in 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Barry with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2087
With just 62 years unexpired the likely cost is going to be between £17,100 and £19,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
We have chosen a Barry conveyancing solicitor for our home move (first time buyers) and have picked up in the engagement letter that they are not covered by the Financial Conduct Authority. Need I be concerned or is that the norm with conveyancer?
We can't see why they should be. Most conveyancer don't lend money. They will be regulated by the Solicitors Regulation Authority, who dictate stringent laws regulating funds deposited in their bank.