My grandson is about to exchange on a newly built flat in Cotham with a mortgage from Co-operative. His solicitor has advised him of a delay in receiving 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 involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
4 months have elapsed following my purchase conveyancing in Cotham concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build apartment in Cotham. Conveyancing is daunting 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Cotham
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There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a flat up to £305k and found one near me in Cotham I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Cotham in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
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At this site obtain a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Cotham. Unlike many estate agents and many comparison sites we do not have referral deals with solicitors. Many agents and online brokers 'recommend' solicitors who pay the highest kickback, rather than the best value conveyancing in Cotham
Why do Cotham conveyancing charges are more expensive for leasehold and freehold properties?
When acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control