Our son-in-law is buying a new build apartment in Hambleton with a mortgage from Bank of Ireland. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Bank of Ireland 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the registered owner of a freehold house in Hambleton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Hambleton and has limited impact for conveyancing in Hambleton 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 have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Hambleton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Is it simple use your search app to get a costs illustration from a conveyancing practitioner in Hambleton on the panel for my bank?
1st select a mortgage company such as Accord Mortgages Ltd, The Mortgage Works or Alliance & Leicester then specify your location a common one being Hambleton. Conveyancing organisations in Hambleton and nationally will then be identified.
Back In 2003, I bought a leasehold flat in Hambleton. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Hambleton who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Hambleton conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a studio flat in Hambleton, conveyancing having been completed half a dozen years ago. 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? Corresponding flats in Hambleton with an extended lease are worth £216,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2093
With 69 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
We are in the throes of selling our flat in Hambleton. Conveyancing is fine but we have been asked to pay an extortionate amount from the landlord. To date we have paid £275 for a leasehold management pack and then a further £118 for answers to queries raised by the purchaser's lawyer.
Your conveyancing practitioner will not have any say over the level of the fee for this information however the typical costs for the information for Hambleton leasehold property is £380. For Hambleton conveyancing deals it is customary for the owner to pay for these charges. The freeholder or their agents are not duty bound to address such questions although many will agree to do so - albeit often at high prices out of proportion to the work involved. Regretfully there is no statute that mandates set charges for administrative tasks. Neither is there any prescriptive time limit by which they are required to issue answers.