Our son-in-law is buying a house that has just been built in Brixham with a home loan from Bank of Ireland. His solicitor 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Brixham is more expensive?
Brixham leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather appoint a specialised conveyancing solicitor in Brixham?
You should check but the chances are that give you one of their panel lawyers if you want the "fee-free" deal. Contact the lender to ask if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Brixham.
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a property in Brixham?
Unless a prior purchase of the premises completed after 12 October 2013 you can expect conveyancing practitioners handling conveyancing in Brixham to remain encouraging a chancel search and or insurance against a claim.
What advice can you give us when it comes to appointing a Brixham conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Brixham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Brixham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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How many lease extensions have they completed in Brixham in the last twenty four months? How familiar is the firm with lease extension legislation?
I bought a ground floor flat in Brixham, conveyancing was carried out September 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Brixham with over 90 years remaining are worth £211,000. The ground rent is £45 yearly. The lease ends on 21st October 2092
With only 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.