My nephew is purchasing a new build apartment in Bellingham with a home loan from Yorkshire BS. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My partner and I are selling our house in Bellingham and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in Bellingham. We have lived in Bellingham for six years we know that this is a non issue. Should we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Are there restrictive covenants that are commonly picked up during conveyancing in Bellingham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bellingham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Bellingham benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not inform my solicitor about this side-deal as it will adversely affect my loan with Lloyds TSB Bank. Is this normal?.
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.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Bellingham I like with open areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Bellingham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I have recently realised that I have Seventy years remaining on my lease in Bellingham. I need to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent would be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Bellingham.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Bellingham conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a Bellingham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Bellingham premises is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case related to 2 flats. The unexpired term was 68.28 and 158.