Our nephew is in the process of securing a newly built flat in Coleford with a mortgage from Santander. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Coleford for our house move. Our broker informed us that our bank Platform Home Loans Ltd won't deal with them. Why is this not regarded as unfair competition?
A mortgage company can insist on an approved conveyancer act for it. You would be liable to meet the charges for this. Do use our database to locate a solicitor to carry conveyancing in Coleford on the Platform Home Loans Ltd approved list of solicitors.
I am purchasing a 4 bedroom semi-detached house in Coleford. We would like to carry out a loft conversion at the house.Will the conveyancing process involve enquiries to ascertain if these alterations are allowed?
Your conveyancer should review the deeds as conveyancing in Coleford will sometimes reveal restrictions in the title documents which prevent certain alterations or need the consent of another owner. Certain works need local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
The mortgage over my property is with Nottingham for my property in Coleford. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel firm.
The formalities of my remortgage has taken place for my property in Coleford. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
About to purchase a new build apartment in Coleford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Coleford
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared.
Due to the advice of my in-laws I had a survey completed on a house in Coleford in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Coleford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agency in Coleford where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Coleford conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Coleford - A selection of Queries Prior to Purchasing
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How is the lease structured? Plenty Coleford leasehold properties will be liable to pay a service charge for the upkeep of the block set on behalf of the landlord. Where you acquire the property you will have to meet this liability, usually in instalments accross the year. This can be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent to be met annual, normally this is not a significant amount, say approximately £50-£100 but you should to check it because occasionally it can be prohibitively expensive. Are any of leasehold owners in arrears of their service charge payments?