Our grandson is purchasing a new build apartment in Billericay with a home loan from Santander. 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 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 Santander 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 Santander 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 considering refinancing my property in Billericay, does my lawyer have to be on the Barclays Conveyancing panel?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
What does a local search reveal concerning the house I am purchasing in Billericay?
Billericay conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company such as Searches UK The local search plays an important role in many a Billericay conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Billericay I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Billericay in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
We're novice buyers - agreed a price, yet the estate agent informed us that the vendor will only proceed if we use their preferred solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Billericay
It is unlikely the vendors are behind this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and explain that (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your preferred Billericay conveyancing solicitors - as opposed tothe ones that will provide the negotiator at the agency a kickback or achieve conveyancing targets pre-set by HQ.
Last September I purchased a leasehold flat in Billericay. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a garden flat in Billericay, conveyancing having been completed 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Billericay with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2084
With only 59 years left to run we estimate the price of your lease extension to range between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.