My son-in-law is purchasing a house that has just been built in Crook with a mortgage from Santander. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 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.
Can I use your services to locate a Conveyancing solicitor in Crook even if I’m not buying or disposing of a house, for example if I want to acquire an office in Crook with a mortgage from Barclays Direct?
Our comparison service is primarily used to select residential conveyancing solicitors in Crook but we have listed at the bottom of this page a selection of Crook commercial conveyancing firms. You will need to make contact with the solicitors directly to establish if they can also act for Barclays Direct
Me and my brother purchased a terraced Victorian house in Crook. Conveyancing solicitor acted for me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Crook and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who carried out the work.
I am purchasing my first flat in Crook with the aid of help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not disclose to my lawyer about this side-deal as it will jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My uncle has encouraged me to use his conveyancing solicitors in Crook. Should I use them?
No doubt the ideal way to select a conveyancing solicitor is to have recommendations from friends or relatives who have previously instructed the solicitor you're considering.
I've recently bought a leasehold property in Crook. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 leasehold flat in Crook, conveyancing having been completed in 2011. Can you work out an approximate cost of a lease extension? Comparable properties in Crook with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2102
You have 77 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.