Our son-in-law is in the process of securing a house that has just been built in Chard with a home loan from Nationwide. His solicitor has said that there is 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Chard is more expensive?
Chard leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Do the Building Society Association intend to launch a searchable register to to identify law firms on the Loughborough BS conveyancing panel for example in Chard?
Lexsure has not been advised of any plans on the part of the BSA to promote such a tool.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Chard I like with open areas and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Chard for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375,000 garden flat in Chard in 10 days. The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Chard?
Chard conveyancing on leasehold flats usually involves administration charges raised by freeholders :
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Answering pre-contract enquiries
Where consent is required before sale in Chard
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a 1st floor flat in Chard, conveyancing was carried out September 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Chard with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2084
With only 59 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I need to switch lawyers as my Chard lawyer is not on the mortgage company's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to do anything for you and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Chard that you're considering.