Our nephew is buying a house that has just been built in Clayton with a home loan from Nottingham. 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 form 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 Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am purchasing a terraced house in Clayton. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Clayton you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Clayton.
How does conveyancing in Clayton differ for newly converted properties?
Most buyers of new build premises in Clayton come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Clayton tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Clayton or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Clayton prior to appointing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some banks tend not give a mortgage on such a property.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Clayton. Conveyancing may be slightly more expensive based on your lender's requirements.
I have recently realised that I have Sixty One years unexpired on my lease in Clayton. I now want to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent would be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Clayton.
Clayton Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Many Clayton leasehold properties will be liable to pay a service bill for maintenance of the block invoiced by the landlord. Where you acquire the apartment you will have to pay this charge, usually periodically accross the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a significant amount, say approximately £25-£75 but you should to enquire as sometimes it can be prohibitively expensive. Are there any major works in the planning that will increase the service costs?
I have just appointed agents to market my basement flat in Clayton.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as usual given that all rents and maintenance charges should be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially