My nephew is about to exchange on a newly built flat in Lees with a mortgage from UBS. 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Lees costs more?
The conveyancing fees on a leasehold property in Lees is inevitably higher as compared to a freehold transaction. This is because there is an amount of extra time necessary in dealing with the freeholder and managing agents to obtain information concerning whether the rent and maintenance fee have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
A friend advised me that if I am purchasing in Lees I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Lees conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Lees around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Lees Education with plans and statistics, Local Amenities and other useful data concerning Lees.
I'm buying my first flat in Lees with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my lawyer about the extras as it may put at risk my mortgage with the bank. Is this normal?.
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.
My husband and I are 3 weeks into a leasehold purchase having been recommend to conveyancers by the high street agent to do our conveyancing in Lees. We are not happy. Could you you assist me in finding new conveyancers?
They would have to be really bad to suggest replacing them. Has your mortgage offer been sent? In the event that it has you will need to inform them of the new contact details and get the mortgage documents are re-issued. Your new solicitor ideally needs to be on the mortgage company panel to avoid supplemental charges and frustration. That should be your starting point. The find a solicitor tool will help you find a lender approved lawyer for your home move in Lees
Can you offer any advice when it comes to choosing a Lees conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Lees conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Lees conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What volume of lease extensions have they completed in Lees in the last twenty four months? How experienced is the practice with lease extension legislation?
I invested in buying a ground floor flat in Lees, conveyancing was carried out in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Lees with over 90 years remaining are worth £202,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2082
With just 56 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as 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 supply a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.