Our son-in-law is buying a house that has just been built in Beacon Hill with a mortgage from Clydesdale. His lawyer 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 Clydesdale 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 Clydesdale 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 freehold house in Beacon Hill but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Beacon Hill and has limited impact for conveyancing in Beacon Hill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I bought my home on 2 June and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Beacon Hill expressed confidence that it will be concluded in a couple of weeks. Are transfers in Beacon Hill uniquely lengthy to register?
As far as conveyancing in Beacon Hill registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can adjust subject to who lodges the application, whether there are errors and whether the Land registry need to notify any other parties. At present approximately three quarters of such applications are fully dealt with within two weeks but some can be subject to extensive hold-ups. Historically registration is effected after the purchaser has moved in to the property so an expedited registration is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
How does the Landlord & Tenant Act 1954 affect my business premises in Beacon Hill and how can your lawyers assist?
The 1954 Act affords a safeguard to commercial tenants, giving them the legal entitlement to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Beacon Hill
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Beacon Hill. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Beacon Hill are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Beacon Hill so you should seriously consider shopping around for a Beacon Hill conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
Beacon Hill Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Please note that where the lease has less than 80 years it will have adverse implications on the salability of the property. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would be required to have owned the premises for two years in order to be entitled to extend the lease. It would be wise to discover as much as you can concerning the company managing the block as they will either make your life much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the upkeep of the common parts. Ask prospective neighbours whether they are happy with their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. The best form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is often employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders.
At what stage do I cover the costs of the Stamp Duty Land Tax chargeable for my Beacon Hill property purchase?
Most solicitors tend to fill out a stamp duty return on your behalf as part of your Beacon Hill conveyancing transaction for you to sign. After completion your lawyer will submit the STL Return Form to the Tax Authorities and - as long as they have the money - settle any tax bill due on your behalf.