Our son-in-law is about to exchange on a newly built flat in Burnham Market with a mortgage from Lloyds. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We hope to to buy with Earl Shilton BS. I went into a few local practices but am unable to find a Burnham Market conveyancing firm on the Earl Shilton BS panel. Can you help?
Feel free to make the most of the search tool on this page. Pick the mortgage company and type Burnham Market or your preferred area and you will be presented with numerous solicitors located in Burnham Market or nearest you.
I just bought a house at auction in Burnham Market. Conveyancing is necessary. What are my next steps?
Now that you are to all intents and purposes signed on the dotted line you must choose a conveyancing solicitor quickly as you now have a tight a fixed date to complete the property. All auction property will ordinarily have an associated auction set of papers. This will include most,if not all of the paperwork that your lawyer will need. If you have purchased leasehold premises the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You should give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete on the date specified in the contract.
We are getting a further advance on our home loan from Aldermore as we wish to carry out alterations to our house in Burnham Market. Are we obliged to choose a local Burnham Market solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
I'm spending time looking at houses in Burnham Market and I am now considering a potential offer. Is it advisable to have a solicitor on ‘stand by’? I will be getting a mortgage with Kent Reliance.
It would be prudent to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are getting a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
It has been four months since my purchase conveyancing in Burnham Market completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Burnham Market. Conveyancing is a frightening process 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.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Burnham Market
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I am attracted to a couple of maisonettes in Burnham Market both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Burnham Market is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Burnham Market conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a ground floor flat in Burnham Market, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Burnham Market with over 90 years remaining are worth £211,000. The ground rent is £45 per annum. The lease finishes on 21st October 2093
With only 68 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.