Our son-in-law is in the process of securing a house that has just been built in Leominster with a mortgage from Virgin Money. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer in Leominster is not on the Santander Approved Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Santander list of approved lawyers?
Your options are as follows:
- Carry on with your existing Leominster solicitors but Santander will need to retain a lawyer on their panel. This will inevitably rack up the total legal charges and result in delays.
- Choose an alternative lawyer to act in the purchase, obviously checking they are on the Santander panel
Various internet forums that I have come across warn that are the main reason for stalling in Leominster conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Leominster.
Hoping to buy a property located in Leominster and I am already nervous. I couldn't find anything specific about Leominster. Conveyancing will be needed in due course but do you know about the Leominster area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Leominster. In the meantime here are some basic statistics that we found
I've recently bought a leasehold property in Leominster. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a garden flat in Leominster, conveyancing formalities finalised June 2000. 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 properties in Leominster with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2100
With 75 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Me and my wife are soon to exchange on the purchase a house in Leominster but as a result of wreckage from the recent storms I have negotiated reparation from the current proprietors of £2k taking the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process yet my bank will not agree to this. Why were they approached?
Your conveyancer being on a lender approved list is required to disclose to the mortgage company of any changes to the sale figure. In the event that you were to refuse your conveyancing practitioner to report the reduction to your bank then they would have to discontinue representing you and the lender.