My god-son is in the process of securing a new build apartment in Finedon with a home loan from Skipton. His conveyancer has advised him of a delay in receiving 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 Skipton conveyancing panel as a standard part of the process, and to the valuer 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I moved into my house on 12 January and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Finedon advises it should be dealt with inside ten days. Are properties in Finedon particularly slow to register?
There is nothing unique about conveyancing in Finedon registration formalities. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether there are errors and if the Land registry must send notices to any other parties. At present approximately three quarters of such applications are fully dealt with in less than three weeks but some can be subject to protracted delays. Registration takes place once the new owner is living at the premises thus 'speed' is not always primary concern but where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I am looking for a flat up to £195,000 and found one close by in Finedon I like with amenity areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Finedon for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Hoping to buy a property located in Finedon and I am already nervous. I couldn't find anything specific about Finedon. Conveyancing will be needed in due course but do you know about the Finedon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Finedon. In the meantime here are some basic statistics that we found
My wife and I purchased a leasehold flat in Finedon. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Finedon who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Finedon conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a basement flat in Finedon, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Finedon with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2092
With just 67 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
I have read on a number of consumer advice websites that before choosing a conveyancing lawyer they need approved by your bank. I am first time buyer with but I have an offer in principle with Nat West Bank and I already have a family conveyancing solicitor in Finedon at the ready. Does Santander insist on an approved lawyer to be used? If so, where do I find that list for my conveyancing in Finedon?
You need to use a solicitor that is on the Santander panel. The first thing to do is call your chosen Finedon conveyancing solicitor and ask if they are on the Santander panel. If they are not on the panel you have a couple of options open to you here:
- Carry on with your preferred Finedon conveyancing practitioner but Santander will undoubtedly instruct a solicitor from their conveyancing panel. The net result is additional charges together with probable frustration.
- Appoint a fresh lawyer to act in the purchase, ensuring that they are on the Santander conveyancing panel.
- Convince your conveyancer to seek to join the bank panel.