Our god-son is in the process of securing a house that has just been built in Clynderwen with a mortgage from Nationwide. His solicitor has said that there is 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 transaction. 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.
I am buying a new build house in Clynderwen with the aid of help to buy. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not disclose to my lawyer about the side-deal as it may affect my loan with The Royal Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Clynderwen I like with amenity areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Clynderwen in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
As co-executor for the estate of my aunt I am disposing of a property in Cardiff but reside in Clynderwen. My conveyancer (based 200 miles awayhas requested that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Clynderwen who can attest this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are Clynderwen based
Last February I purchased a leasehold flat in Clynderwen. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 1 bedroom flat in Clynderwen, conveyancing having been completed November 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Clynderwen with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2100
With only 74 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
Me and my partner are buying a 2 bedroom ground floor flatin Clynderwen with a loan from a mortgage company. We have selected a solicitor in Clynderwen but our mortgage company says she’s not on their "panel". We have to appoint from the our mortgage company panel firms or keep our Clynderwen conveyancer and incur the extra costs for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage company home loan offered to you is subject to conditions, one of which will be that solicitors will on the mortgage company's conveyancing panel. in the past, most banks had open panels, including almost all conveyancing solicitors in Clynderwen : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your bank.