Our son-in-law is buying a house that has just been built in Chesterton with a mortgage from Yorkshire BS. 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My stepmother informed me that in purchasing a property in Chesterton there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Chesterton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Chesterton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Chesterton solicitor practices on the TSB conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the TSB approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be regulated by the Council of Licensed Conveyancers.
We previously chose conveyancers locally in Chesterton on the UBS solicitor panel. They have just invoiced me an additional sum for dealing with the UBS mortgage. Is this an additional conveyancing fee set by UBS?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer may levy a fee for this. The fee is not dictated by UBS but by your Chesterton conveyancer. Some firms on the UBS panel will quote ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
About to purchase a new build flat in Chesterton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Chesterton
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Chesterton I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Chesterton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
What advice can you give us when it comes to appointing a Chesterton conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Chesterton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Chesterton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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If the firm is not ALEP accredited then what is the reason?
Chesterton Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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Make sure you find out if the the lease includes any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Chesterton. If you like the flatin Chesterton but your dog is not allowed to make the move with you then you will be presented with a hard decision. Is there a share of the freehold? You should be aware if it is fewer than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your bank that they are content with remaining years on the lease. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have been the owner of the property for a couple of years in order to be eligible to extend the lease.
Our solicitor in Chesterton has discovered a defect with the lease for the property we are purchasing in Chesterton. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.