My nephew is purchasing a house that has just been built in Lee On The Solent with a home loan from HSBC. His lawyer 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 document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the valuer 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather instruct a Lee On The Solent based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers should you take up the "fee-free" offer. Contact the bank and check if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Lee On The Solent.
I am buying my first flat in Lee On The Solent with a loan from Alliance & Leicester . The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this side-deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
Given that I am about to part with £400,000 on a garden flat in Lee On The Solent I would like to talk to a solicitor regarding theconveyancing ahead of giving the go ahead to the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you speaking to the conveyancer due to be doing your property ownership legalities in Lee On The Solent.There is no ‘factory style conveyancing’ - each client is unique individual, not a file number. The law firms that we put you in touch with believe that the fees you are quoted for residential conveyancing in Lee On The Solent should be the amount on the final invoice that you are charged.
I am employed by a busy estate agency in Lee On The Solent where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Lee On The Solent conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 2 bed flat in Lee On The Solent, conveyancing formalities finalised March 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Lee On The Solent with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease ends on 21st October 2093
You have 68 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional 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 without first getting professional advice.
We have an offer in principle from Leeds Building Society who suggested we could borrow up to £117k. When do we need to instruct a practitioner for conveyancing? Lee On The Solent is where we are purchasing.
It would be wise to appoint a conveyancing practitioner now requesting that they generate a file on your behalf. This will kickstart: 1) the estate agent to issue a Sales Memorandum to the relevant parties 2) the seller’s property lawyer to send out the draft contract. However, do not instruct your conveyancing practitioner to start searches until you receive your valuation report from Leeds Building Society and you are happy to proceed.