Our nephew is in the process of securing a newly built flat in East Oxford with a home loan from Co-operative. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in East Oxford. The East Oxford property was put into my name in September. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the house in September. Do I have to wait 6 months to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view banks take of it, depend on the bank as this obligation is chiefly there to identify subsales or the flipping of property.
I am purchasing a property in East Oxford. An unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must comply with the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and lawyers are required to report to Skipton where a lease fails to meet these requirements. The specifications relate to the installation of panels on properties in England and Wales and is not limited to East Oxford.
I have paid off my mortgage with Virgin Money. I assume I don't need a East Oxford conveyancer on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Are there restrictive covenants that are commonly picked up during conveyancing in East Oxford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in East Oxford. 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 apartment in East Oxford. 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 legal work.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in East Oxford
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in East Oxford I like with a park and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in East Oxford in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
In my capacity as executor for the will of my father I am selling a property in Newport but reside in East Oxford. My lawyer (who is 250 kilometers awayneeds me to sign a statutory declaration before completion. Can you recommend a conveyancing practitioner in East Oxford who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are based in East Oxford