My god-son is buying a house that has just been built in Ewloe with a home loan from Leeds Building Society. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer 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 Leeds Building Society 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 in the process of remortgaging my apartment in Ewloe, does my lawyer have to be on the HSBC Conveyancing panel?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Forgive me if this question is silly but I am new to the home buying as FTB of a two bedroom flat in Ewloe. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will find a local conveyancing solicitor in Ewloe?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the seller's solicitors, and once they have received this, you will be able to receive the keys from the property Agents and move into your new home. Usually this happens early afternoon.
We had selected solicitors located in Ewloe on the Virgin Money solicitor panel. They have just billed me a supplemental fee for the legal aspects of the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your solicitor can levy a fee for this. This fee is not set by Virgin Money but by your Ewloe property lawyer. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
I am buying a property in Ewloe. A rare aspect is that the roof has a solar panel. Yorkshire BS 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 Yorkshire BS your lawyer must check the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Yorkshire BS where a lease does not comply with these provisions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Ewloe.
I'm purchasing my first flat in Ewloe with a loan from Norwich and Peterborough Building Society. The builders would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not to tell my lawyer about this extras as it may impact my mortgage with the bank. 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400,000 maisonette in Ewloe in just under a week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Ewloe?
Ewloe conveyancing on leasehold maisonettes ordinarily involves administration charges invoiced by landlords agents :
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Completing pre-contract enquiries
Where consent is required before sale in Ewloe
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I am the registered owner of a garden flat in Ewloe, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Ewloe with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2101
With only 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
18 days into buying a residence in Ewloe. Conveyancing solicitor has told us the property is "Leasehold". Should this make a difference on the marketability of the property?
Ewloe conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the saleability significantly.
At the other extreme, if it's, say, Sixty years it will have a significant impact on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease to be supplied to your lawyer.