My son-in-law is in the process of securing a newly built flat in Chippenham with a mortgage from HSBC. His solicitor has advised him of a delay in completing 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What will a local search tell me about the house I am buying in Chippenham?
Chippenham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Chippenham conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I am purchasing my first flat in Chippenham benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about the extras as it may affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Chippenham is where the house is located. Can you offer any assistance?
Flying freeholds in Chippenham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chippenham you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chippenham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Taking into account that I am about to spend hundreds of thousands of pounds on 3 bedroom house in Chippenham I would like to have a conversation with the lawyer concerning theconveyancing in advance of giving the go ahead to the firm. Can this be arranged?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer due to be carrying out your conveyancing in Chippenham.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in Chippenham should be the amount on the final invoice that you are charged.
Can you provide any top tips for leasehold conveyancing in Chippenham from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Chippenham can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers’ lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a new share certificate can be a time consuming process and delays many a Chippenham conveyancing deal. Where a new share is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Chippenham leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals in place do not communicate with the landlord without checking with your lawyer in advance. The majority of landlords or Management Companies in Chippenham levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Chippenham.
I acquired a split level flat in Chippenham, conveyancing was carried out February 1997. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Chippenham with an extended lease are worth £222,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2096
With 71 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.