Our god-son is purchasing a newly built flat in Exminster with a mortgage from Nottingham. His conveyancer has said that there is a delay in receiving 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham 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 Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
As someone not used to conveyancing in Exminster what’s the number one tip you can impart for the ownership transfer in Exminster
Not many law firms or advisers will tell you this but conveyancing in Exminster or throughout Devon is an adversarial process. In other words, when it comes to conveyancing there exists lots of room for confrontation between you and others involved in the house moving process. E.g., the vendor, property agent and on occasion your bank. Choosing a law firm for your conveyancing in Exminster should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to act in your legal interests and to protect you.
Sometimes a third party with a vested interest may try and sway you that you should follow their advice. For instance, the selling agent may claim to be assisting by suggesting your solicitor is slow. Or your financial adviser may advise you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My lawyer in Exminster is not listed on the Norwich and Peterborough Building Society Conveyancing Panel. Can I still use my family solicitor even though they are not on the Norwich and Peterborough Building Society panel?
The limited options available to you here include:
- Complete the purchase with your existing Exminster lawyers but Norwich and Peterborough Building Society will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and result in frustration.
- Find a new solicitor to act in the conveyancing, not forgetting to check they are Persuade your conveyancer to do everything within their powers to join the Norwich and Peterborough Building Society conveyancing panel
I'm buying a new build house in Exminster with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my solicitor about this extras as it could affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Exminster I like with amenity areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Exminster suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected 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 can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I’m about to sell my basement apartment in Exminster. Conveyancing lawyers have not yet been instructed, but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the maintenance contribution as normal given that all ground rent and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 2 bed flat in Exminster, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Exminster with a long lease are worth £222,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2095
With 70 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.