My nephew is purchasing a newly built flat in Gloucestershire with a mortgage from Yorkshire BS. His solicitor has advised him of a delay in completing 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a flat and need a conveyancing solicitor in Gloucestershire who is on the HSBC approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Gloucestershire.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Gloucestershire so that I can pop in to their offices if required.
These days approved lawyers for mortgage companies conduct their communications via Royal Mail, internet or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in the country. That being said you should check if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Will our lawyer be asking questions concerning flooding during the conveyancing in Gloucestershire.
Flooding is a growing risk for solicitors dealing with homes in Gloucestershire. There are those who buy a house in Gloucestershire, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or by their solicitors which will figure out the risks in Gloucestershire. The standard property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the owner to determine if the premises has ever been flooded. If flooding has previously occurred which is not notified by the seller, then a purchaser may issue a compensation claim as a result of such an incorrect response. The purchaser’s solicitors may also commission an enviro search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I am buying a new build apartment in Gloucestershire. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Gloucestershire
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Gloucestershire I like with amenity areas and station in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Gloucestershire for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they 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 lawyer about this matter.