Our god-son is in the process of securing a newly built flat in Keelby with a mortgage from RBS. His lawyer has said that there is a delay in completing 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the RBS 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 RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My brother-in-law has suggested I instruct a conveyancing solicitor in Keelby. I need to find out whether they are on the HSBC Bank approved list of lawyers. Can you advise?
The first thing to do is phone your conveyancer and enquire whether they can act for the lender. Otherwise you should get in touch with HSBC Bank who may be able to confirm.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Keelby I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Keelby for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises 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 term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Are there any apps to help search for a Keelby solicitor on the The Royal Bank of Scotland conveyancing panel? I am a keen cyclist and am prepared to travel upto 25kilometers to meet the lawyer.
Feel free to make use of the facility on this website. Please pick a bank and your location and you will see a number of Keelby conveyancing lawyers located nearest you. We have detailed some Keelby conveyancing firms at the bottom of this page and you can ring them to see if they are on the The Royal Bank of Scotland panel
I am attracted to a couple of maisonettes in Keelby which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Keelby is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Keelby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a garden flat in Keelby, conveyancing formalities finalised in 2010. Can you work out an approximate cost of a lease extension? Equivalent properties in Keelby with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2088
With only 63 years unexpired we estimate the premium for your lease extension to span between £16,200 and £18,600 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My boyfriend is purchasing a leasehold flat in Keelby. He was given a quote by the conveyancing practitioner connected to the estate agents totaling £1250 . It was 7 years ago since I sold and purchased a property and the fee was £440. Have charges really gone up that much?
We would recommend that you visit a few local Keelby conveyancing firms seeking prices. You should base your selection not solely on cost, but on promptness and on how comprehensive the response was.