My god-son is purchasing a newly built flat in Fairbourne with a mortgage from Clydesdale. His lawyer has advised him of 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale 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 Clydesdale 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 registered owner of a freehold residence in Fairbourne but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Fairbourne and has limited impact for conveyancing in Fairbourne but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We're in Fairbourne, First time buyers purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My father advised me that in purchasing a property in Fairbourne there may be various restrictions preventing external alterations to the property. Is this right?
We are aware of a number of properties in Fairbourne which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Fairbourne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Fairbourne solicitor firms on the Bank of Ireland conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be governed by the SRA. Many mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
How can we know in advance if a Fairbourne conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Fairbourne obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your transaction.
I am looking for a ground for flat up to £305k and identified one close by in Fairbourne I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Fairbourne in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will likely 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 property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Me and my partner are expecting to complete buying a property in Fairbourne but as a result of wreckage from the recent storms I have agreed compensation from the vendor of £2k by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet the bank will not agree to this. Should they have been notified?
The property lawyer being on the lender conveyancing panel is duty bound to inform the bank of any changes to the purchase figure. In the event that you prohibit your property lawyer to notify the price change to your bank then they would need to disinstructing themselves from representing you and the lender.