My god-son is about to exchange on a new build apartment in Birch and Middleton with a home loan from Skipton. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the BSA planning on creating a search tool with a view to list firms on the Coventry BS conveyancing panel for instance in Birch and Middleton?
We are not aware of any plans on the part of the BSA to develop such a search facility.
I'm buying a new build house in Birch and Middleton with the aid of help to buy. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about the extras as it may put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 decided to have a survey carried out on a house in Birch and Middleton in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Birch and Middleton. Conveyancing will be smoother if you use a solicitor in Birch and Middleton especially if they regularly deal with such properties in Birch and Middleton.
What makes a Birch and Middleton lease unmortgageable?
There is nothing unique about leasehold conveyancing in Birch and Middleton. All leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the premises A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Skipton Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I purchased a 2 bed flat in Birch and Middleton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Similar flats in Birch and Middleton with over 90 years remaining are worth £202,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2082
With 56 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Whilst your website is a good idea there are many lawyers listed near Birch and Middleton being on the lender conveyancing panel. Can you recommend a specific firm on the lender approved panel?
We do not recommend specific Birch and Middleton firms as the right Birch and Middleton conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Birch and Middleton knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..