My son-in-law is in the process of securing a newly built flat in Didsbury with a home loan from Bank of Ireland. His solicitor 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My colleague recommended that where I am purchasing in Didsbury I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Didsbury conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Didsbury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about Didsbury.
Are there restrictive covenants that are commonly picked up during conveyancing in Didsbury?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Didsbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build flat in Didsbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Didsbury
-
Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425,000 flat in Didsbury in just under a week. The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Didsbury?
Didsbury conveyancing on leasehold apartments often requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are at liberty to levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Didsbury Leasehold Conveyancing - Sample of Queries before Purchasing
-
Is there a share of the freehold? Is anyone aware of any major works in the near future that will likely increase the maintenance fees? You should be aware if it is no more than eighty years it will impact the marketability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Didsburylease extensions you will need to own the property for 24 months in order to be eligible to carry out a lease extension.
Our lawyer in Didsbury has uncovered a a problem with the lease for the flat we are buying in Didsbury. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.