Our son-in-law is about to exchange on a house that has just been built in Lifton with a mortgage from Santander. 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will conveyancers request an advanced payment for conveyancing in Lifton?
Where you are retaining lawyers for conveyancing in Lifton your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this will be needed immediately ahead of exchange of contracts. Any further balance that is needed will be payable a couple of days prior to the day of completion.
The Lifton conveyancing firm that I recently instructed on my purchase in Lifton have without warning shut down. They were on acting for me because I had to have a solicitor on the Bank of Ireland conveyancing panel and my previous Lifton lawyer was not. I paid them £170 in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
About to purchase a new build apartment in Lifton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lifton
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Lifton is the location of the property. Is there any advice you can impart?
Flying freeholds in Lifton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lifton you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lifton 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 residence.
We expect to complete our sale of a £450,000 maisonette in Lifton in 8 days. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Lifton?
Lifton conveyancing on leasehold apartments ordinarily involves administration charges levied by management companies :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Lifton
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 2 bed flat in Lifton, conveyancing having been completed in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Lifton with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2094
With just 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.