My grandson is buying a newly built flat in Killay with a mortgage from RBS. His solicitor has said that there is a delay in receiving 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 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.
Can your site be used to find a Conveyancing solicitor in Killay even if I’m not buying or disposing of a house, for example if I wish to acquire a shop in Killay with a mortgage from Platform Home Loans Ltd?
The service is mainly used to locate residential conveyancing solicitors in Killay but we have recorded at the end of this page some Killay commercial conveyancing firms. You will need to make contact with the solicitors directly to see if they can also act for Platform Home Loans Ltd
I am selling my flat in Killay. Does my lawyer need to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
I'm purchasing a new build house in Killay with a mortgage from The Mortgage Works. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about this extras as it could adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Killay is where the house is located. Can you shed any light on this issue?
Flying freeholds in Killay are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Killay you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Killay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have recently realised that I have Fifty years remaining on my flat in Killay. I now wish to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. For most situations a specialist would be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Killay.
I am the registered owner of a 2 bed flat in Killay, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Killay with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2080
You have 54 years unexpired we estimate the price of your lease extension to span between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.