Our god-son is buying a new build apartment in Belford with a mortgage from Kent Reliance. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the valuer 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 Kent Reliance 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 the registered owner of a freehold premises in Belford yet pay rent, why is this and what is this?
It’s unusual for properties in Belford and has limited impact for conveyancing in Belford 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 have existed for 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 lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The conveyancers who dealt with the conveyancing in Belford 4 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title official documentation to prove you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
I am buying a new build house in Belford with a loan from Santander. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not inform my conveyancer about this extras as it could adversely affect my mortgage with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Belford I like with open areas and railway links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Belford for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Should I cancel the direct debit for my mortgage with RBS as soon as a completion date for my home sale in Belford has been agreed?
No, you should keep paying any mortgage sums to RBS until the mortgage is paid off on completion as part of your Belford conveyancing.