My son is purchasing a house that has just been built in Cotswolds with a home loan from Principality. His lawyer has said that there is a delay in completing 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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your search tool for Cotswolds conveyancing solicitors on the Clydesdale conveyancing panel? Do Clydesdale send you an updated list?
Cotswolds conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
I have recentlyfound out that Stirling Law have been shut down. They conducted my conveyancing in Cotswolds for a purchase of a leasehold apartment 12 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cotswolds conveyancing specialists.
How does conveyancing in Cotswolds differ for newly converted properties?
Most buyers of new build premises in Cotswolds contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Cotswolds tend to acquire the site, 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 property lawyers 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 accustomed to new build conveyancing in Cotswolds or who has acted in the same development.
Planning to sign contracts shortly on a garden flat in Cotswolds. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Cotswolds should include some of the following:
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if lease caters for for a reserve fund for major works? The physical ownership of the property. This might be the apartment itself but may incorporate a roof area or basement if relevant. You must be told what is to be regarded as a Nuisance as far as the lease is concerned Ground rent - what is payable and when is collected, and be on notice if this is subject to change Specifying your rights in relation to common areas in the block.For example, does the lease contain a right of way over an accessway or hallways?
I own a split level flat in Cotswolds, conveyancing formalities finalised 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Cotswolds with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2087
With 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What is the reason for my property lawyer requiring various items of identification ahead of starting selling or purchasing a property in Cotswolds?
Cotswolds lawyers are duty bound by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering legislation to record that the have checked the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and DOB.