My son is in the process of securing a new build apartment in Dore with a home loan from Nationwide. His conveyancer 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 Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Our mortgage company has suggested solicitors on their panel based in Dore but I would rather use a conveyancing lawyer in Dore or nearer to where I live. Can you help?
It is by no means the case that all Dore conveyancing practices are approved and listed on all lender’s conveyancing panel. Do make use of the above find an approved solicitor tool to find a Dore conveyancing firm on the on the lender panel.
My colleague recommended that if I am purchasing in Dore I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Dore conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Dore 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 type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Dore Education with maps and statistics, Local Amenities and other useful information about Dore.
It has been 2 months since my purchase conveyancing in Dore concluded. I have checked the Land Registry site which shows that I paid £150,000 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 asset 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'm purchasing a new build house in Dore with a loan from Bank of Ireland. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not inform my solicitor about this side-deal as it could jeopardize my loan with Bank of Ireland. 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.
What are the common deficiencies that you come across in leases for Dore properties?
Leasehold conveyancing in Dore is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Repairing obligations to or maintain elements of the premises
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I bought a 1 bedroom flat in Dore, conveyancing formalities finalised in 2010. How much will my lease extension cost? Corresponding flats in Dore with a long lease are worth £265,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2101
With 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The figure 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 comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to 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.