My nephew is buying a new build apartment in Hungerford with a mortgage from Virgin Money. His solicitor has advised him of a delay in completing 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 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 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.
I am in the process of mortgaging my flat in Hungerford, does my lawyer have to be on the Principality Solicitor panel?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am downsizing from our property in Hungerford and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local lawyer would know that there is no such problem. For the life of me I don't know why the buyers are using a web based conveyancing outfit rather than a conveyancing solicitor in Hungerford. We have lived in Hungerford for six years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Hungerford I like with amenity areas and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Hungerford for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
We're novice buyers - agreed a price, but the estate agent advised that the vendor will only move forward if we instruct the agent's preferred solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Hungerford
It is improbable the sellers are behind this. If they want ‘a quick sale', turning down a genuine buyer is going to damage their objectives. Contact the owners directly and explain that (a)you are serious purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you are going to appoint your preferred Hungerford conveyancing firm - not the ones that will give their estate agent a commission or meet his conveyancing targets set by senior management.
Do you have any top tips for leasehold conveyancing in Hungerford with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Hungerford can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers. The majority of freeholders or managing agents in Hungerford charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Hungerford. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Hungerford leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. If you dont have the approvals to hand you should not communicate with the landlord without contacting your lawyer in the first instance. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a re-issued share certificate is often a lengthy formality and slows down many a Hungerford conveyancing transaction. Where a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
I acquired a studio flat in Hungerford, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Hungerford with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2103
With just 77 years unexpired the likely cost is going to be between £7,600 and £8,800 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 the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.