My nephew is buying a house that has just been built in County Durham with a mortgage from Leeds Building Society. His conveyancer 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 form 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will commercial conveyancing searches reveal proposed roadworks that may affect a commercial property in County Durham?
Many commercial conveyancing solicitors in County Durham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in County Durham. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in County Durham.
For each commercial conveyancing transaction in County Durham it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to County Durham commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in County Durham.
I am buying my first flat in County Durham with a mortgage from Clydesdale. The builders refused to budge the amount so I negotiated 6k of extras instead. The property agent suggested that I not inform my solicitor about the side-deal as it would adversely affect my mortgage with the bank. Should I keep quiet?.
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.
How can the Landlord & Tenant Act 1954 affect my commercial offices in County Durham and how can you help?
The particular law that you refer to provides protection to business leaseholders, granting the dueness to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. County Durham is one of our hundreds of areas of the UK in which the firms we work with have offices
I own a leasehold flat in County Durham. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in County Durham who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a County Durham conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 1st floor flat in County Durham, conveyancing having been completed September 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in County Durham with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2091
You have 65 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
My boyfriend is purchasing a ground floor flat in County Durham. He was given a quote by the conveyancer connected to the estate agents and it came to £1385 . It was 9 years ago I sold and purchased a property and it cost was £500. Have fees really escalated to that extent?
We would recommend that you contact a few local County Durham conveyancing firms requesting prices. It is advisable to base your decision not solely on cost, but on promptness and on how comprehensive the response was.