My grandson is in the process of securing a new build apartment in Droitwich Spa with a home loan from Virgin Money. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It has been five months following my purchase conveyancing in Droitwich Spa took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 property 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.
How does conveyancing in Droitwich Spa differ for new build properties?
Most buyers of new build or newly converted property in Droitwich Spa contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Droitwich Spa usually purchase the land, 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 used to new build conveyancing in Droitwich Spa or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Droitwich Spa I like with amenity areas and railway links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Droitwich Spa suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am thinking of appointing a conveyancing lawyer in Droitwich Spa for my home move. Is it possible to check a solicitor's complaints history with the profession’s regulator?
One can review documented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator may monitor call for training reasons.
Do you have any top tips for leasehold conveyancing in Droitwich Spa from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Droitwich Spa can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers’ representatives. Many landlords or managing agents in Droitwich Spa charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Droitwich Spa. If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Organising a new share certificate is often a time consuming process and delays many a Droitwich Spa conveyancing transaction. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Droitwich Spa state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you dont have the consents to hand you should not contact the landlord without checking with your solicitor first. Some Droitwich Spa leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
Droitwich Spa Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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Are there any major works on the horizon that will increase the maintenance costs? Please note that where the lease has less than eighty years it will affect the marketability of the property. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have owned the premises for two years before you are eligible to exercise a lease extension. The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this arrangement the lessees have control and even though a managing agent is often retained if the building is larger than a house conversion, the managing agent is directed by the tenants.