My nephew is in the process of securing a house that has just been built in Great Missenden with a mortgage from Lloyds. His conveyancer has advised him of 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 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 Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do banks and building societies provide you with an approved list of Great Missenden conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Great Missenden conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Great Missenden. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this allowed?
Where you plan to refinance then TSB will insist on your using a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.
Due to the encouragement of my in-laws I had a survey completed on a property in Great Missenden before appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Great Missenden. Conveyancing will be smoother if you use a solicitor in Great Missenden especially if they regularly deal with such properties in Great Missenden.
Hoping to buy a property located in Great Missenden and I am already nervous. I couldn't find anything specific about Great Missenden. Conveyancing will be needed in due course but do you know about the Great Missenden area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Great Missenden. In the meantime here are some basic statistics that we found
What makes a Great Missenden lease unacceptable for security purposes?
Leasehold conveyancing in Great Missenden is not unique. Most leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain elements of the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I am the registered owner of a 2 bed flat in Great Missenden, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Great Missenden with over 90 years remaining are worth £175,000. The ground rent is £65 yearly. The lease terminates on 21st October 2083
With only 58 years left to run we estimate the price of your lease extension to range between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.