My wife and I are acquiring a brand new flat in Gosport and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the seller. I am under pressure to sign contracts and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold premises in Gosport but nevertheless pay rent, why is this and what is this?
It is rare for properties in Gosport and has limited impact for conveyancing in Gosport 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I have justbecome aware that Arc property Solicitors have closed. They conducted my conveyancing in Gosport for a purchase of a leasehold apartment 10 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest method to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Gosport conveyancing specialists.
I'm buying a new build house in Gosport with the aid of help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not inform my conveyancer about this deal as it would put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey carried out on a property in Gosport in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders tend refuse to issue a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Gosport. Conveyancing will be smoother if you use a solicitor in Gosport especially if they are acquainted with such properties in Gosport.
I work for a busy estate agent office in Gosport where we see a few flat sales derailed due to short leases. I have received contradictory information from local Gosport conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1st floor flat in Gosport, conveyancing formalities finalised August 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Gosport with a long lease are worth £197,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2081
With only 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.