Our son-in-law is buying a house that has just been built in Bookham with a home loan from Virgin Money. His solicitor has advised him of 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a property and require a conveyancing solicitor in Bookham who is on the Santander approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Bookham.
I had intended to instruct a property lawyer in Bookham for our house move. Our broker informed us that our mortgage lenders The Mortgage Works won't deal with them. Surely this is unfair competition?
A bank will direct that an approved solicitor act for it. Borrowers are expected to meet the charges for this. Please make use of our directory service to get a quote from a solicitor to carry conveyancing in Bookham on the The Mortgage Works member panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Bookham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bookham
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the encouragement of my in-laws I had a survey completed on a property in Bookham in advance of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks will refuse to issue a mortgage on this type of house.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you call us we can investigate further with 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 Bookham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bookham to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold property in Bookham. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. Strange as it may seem, 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 ensure 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).
Bookham Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
-
Are any of leasehold owners in dispute over their service charge payments? The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees have control and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Where a Bookham lease has fewer than eighty years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would be required to have been the owner of the premises for a couple of years in order to be entitled to carry out a lease extension.