My nephew is about to exchange on a newly built flat in Long Eaton with a mortgage from Skipton. His conveyancer has said that there is a delay in completing 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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Long Eaton costs more?
Long Eaton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Have just purchased a probate house at auction in Long Eaton. Conveyancing is required. What is next?
Having legally committed yourself to purchase you now have to find a conveyancing lawyer as a matter of urgency as you will have a pending deadline in which to complete the purchase. All auction property will ordinarily have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to give this to the conveyancer working for you ASAP. Do make sure that your finances are organised to complete the transaction on the set completion date.
My partner and I have arranged a further advance on our mortgage from Skipton as we intend to carry out improvements to our property in Long Eaton. Do we need to select a nearby Long Eaton solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton don't usually appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.
We have agreed to purchase a house in Long Eaton. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Lloyds your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The CML Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Lloyds where a lease fails to meet these specifications. The provisions relate to the installation of panels on properties countrywide and is not isolated to Long Eaton.
I have todaydiscovered that Wolstenholmes have been shut down. They carried out my conveyancing in Long Eaton for a purchase of a leasehold flat 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Long Eaton conveyancing specialists.
Taking into account that I will soon part with £400,000 on a house in Long Eaton I wish to talk to a conveyancer regarding theconveyancing prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your property ownership legalities in Long Eaton.There is no ‘factory style conveyancing’ - each client is unique individual, not a file number. The practices that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Long Eaton should be the figure that you end up paying.
Do you have any advice for leasehold conveyancing in Long Eaton from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Long Eaton can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives. Some Long Eaton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
I acquired a leasehold flat in Long Eaton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Long Eaton with a long lease are worth £170,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2103
With just 79 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.