My grandson is in the process of securing a house that has just been built in Edgbaston with a home loan from Santander. 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 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 Santander 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 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 you explain why leasehold purchase conveyancing in Edgbaston is more expensive?
Edgbaston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My wife and I are close to exchanging contracts on the sale of our property in Edgbaston and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a national conveyancing outfit rather than a conveyancing solicitor in Edgbaston. We have lived in Edgbaston for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Taking into account that I will soon part with over three hundred thousand on a property in Edgbaston I would like to talk to a lawyer regarding thetransaction prior to appointing the firm. Can this be arranged?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor due to be carrying out your conveyancing in Edgbaston.There is no ‘factory style conveyancing’ - each client is unique person, not a matter reference. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Edgbaston should be the amount on the final invoice that you end up paying.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Edgbaston. I have land on a site which appears to be the ideal offering If it is possible to get all this stuff done via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a busy estate agent office in Edgbaston where we have experienced a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Edgbaston conveyancing firms. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a studio flat in Edgbaston, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Edgbaston with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2090
With 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.