Our nephew is purchasing a house that has just been built in Glastonbury with a home loan from Virgin Money. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My wife and I purchasing a victorian detached house in Glastonbury. The intention is to carry out a loft conversion at the property.Will legal conveyancing on the property include investigations to see if these alterations were previously refused?
Your property lawyer will review the registered title as conveyancing in Glastonbury will on occasion identify restrictions in the title documents which restrict certain works or necessitated the permission of another owner. Certain works call for local authority planning consent and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I'm spending time viewing flats in Glastonbury and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Skipton.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are seeking a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Glastonbury conveyancing practitioner on the Aldermore panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
Various web forums that I have visited warn that are the main cause of hinderance in Glastonbury conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Glastonbury.
I am buying a new build apartment in Glastonbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Glastonbury
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Due to the advice of my in-laws I had a survey completed on a house in Glastonbury prior to appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some banks may refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Glastonbury. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to choosing a Glastonbury conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Glastonbury conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Glastonbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
-
Can they put you in touch with clients in Glastonbury who can give a testimonial? How familiar is the practice with lease extension legislation?
I bought a basement flat in Glastonbury, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Glastonbury with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2103
With only 77 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.