Our son-in-law is in the process of securing a new build apartment in Kington with a home loan from Skipton. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Skipton 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 Skipton 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 Kington. I I am struggling to find out if they are on the Leeds Building Society conveyancing panel. Could you help?
You should e-mail the conveyancer and enquire whether they are on the lender panel. Alternatively you should call Leeds Building Society who may be able to confirm.
I have justbecome aware that Action Conveyancing have closed. They carried out my conveyancing in Kington for a purchase of a leasehold flat 18 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kington conveyancing specialists.
I'm purchasing a new build house in Kington with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about the deal as it will put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the guidance of my in-laws I had a survey completed on a house in Kington in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders will not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kington to see if the conveyancing will be more expensive.
My wife and I purchased a leasehold flat in Kington. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Kington who previously acted has long since retired. Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Kington conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 1st floor flat in Kington, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Kington with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2080
With 54 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.