My nephew is about to exchange on a new build apartment in Gidea Park with a home loan from Kent Reliance. 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 form 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 Kent Reliance 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 Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
four months have elapsed following my purchase conveyancing in Gidea Park concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Gidea Park with a mortgage from Alliance & Leicester . The builders refused to move on the amount so I negotiated £7000 of extras instead. The house builders rep advised me not inform my solicitor about this extras as it may adversely affect my mortgage with the bank. Is this normal?.
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.
I am looking for a flat up to £235,500 and found one near me in Gidea Park I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Gidea Park suitable, 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 that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I was pointed in your direction by numerous selling agents in Gidea Park to choose a solicitor on your site. What’s the financial advantage for Estate Agents to promote your services ahead of another?
We don’t give any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £425,000 apartment in Gidea Park next Friday. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Gidea Park?
Gidea Park conveyancing on leasehold maisonettes usually requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are entitled to levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality one has no option but to pay whatever is requested of you should you wish to sell the property.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Gidea Park conveyancing firm to represent me?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to assess the price.
An example of a Lease Extension matter before the tribunal for a Gidea Park flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term was 57.5 years.