My son is buying a house that has just been built in Llay with a mortgage from HSBC. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold property in Llay but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Llay and has limited impact for conveyancing in Llay but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We hope to to buy with Earl Shilton BS. We have called around locally yet am struggling to find a Llay conveyancing firm on the Earl Shilton BS approved list. Can you help?
Please do take advantage of the find a lender approved solicitor tool on this page. Please choose the mortgage company and type Llay or your location and you will be presented with a number of lawyer based in Llay or by proximity to you.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Llay is the location of the property. Can you offer any opinion?
Flying freeholds in Llay are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llay you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llay 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 property.
I only have Fifty years left on my flat in Llay. I now wish to get lease extension but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. For most situations an enquiry agent should be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Llay.
Leasehold Conveyancing in Llay - Sample of Questions you should consider Prior to buying
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The majority of Llay leasehold properties will incur a service charge for maintenance of the block invoiced by the landlord. If you purchase the flat you will have to pay this charge, usually periodically throughout the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay yearly, this is usually not a significant amount, say around £50-£100 but you should to enquire as sometimes it can be many hundreds of pounds. You should be aware if it is less than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for a couple of years in order to be entitled to extend the lease. How much is the yearly service fee and ground rent?
Why do Llay conveyancing fees differ for leasehold and freehold properties?
Inevitably there is more work needed in leasehold conveyancing. Llay has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.