My nephew is purchasing a new build apartment in Bispham with a home loan from Aldermore. 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 Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How does conveyancing in Bispham differ for new build properties?
Most buyers of new build residence in Bispham contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Bispham typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bispham or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Bispham in advance of appointing solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some banks may not grant a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bispham. Conveyancing will be smoother if you use a solicitor in Bispham especially if they regularly deal with such properties in Bispham.
My company is intending to lease a unit on the high street. Can you recommend lawyers offering no-move-no charges for non-domestic conveyancing in Bispham for below 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Bispham, including the disposal and acquisition of businesses as well as simply property. If you are looking to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right firm. As for the charges this will depend on the structure and terms of the deal. Please provide us with your details or call us so that we may provide you with a detailed commercial conveyancing calculation.
Can you provide any top tips for leasehold conveyancing in Bispham from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bispham can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers’ lawyers. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved. If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and frustrates many a Bispham conveyancing deal. Where a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. A minority of Bispham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
Bispham Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? How many years remain on the lease? Be sure to investigate if the the lease includes any unreasonable restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Bispham. If you love the propertyin Bispham however your dog is not allowed to move with you then you will be presented with a hard choice.
Why do Bispham conveyancing charges are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Bispham will often involve additional work including fully examining the lease, communicating with the landlord, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.