Our son is about to exchange on a new build apartment in Long Stratton with a home loan from Skipton. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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.
How up to date is your database of Long Stratton solicitors on the Skipton conveyancing panel? Do Skipton send you an updated list?
Long Stratton conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
I'm purchasing my first flat in Long Stratton with the aid of help to buy. The developers would not budge the price so I negotiated 6k of extras instead. The sale representative told me not disclose to my solicitor about this extras as it could adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 father has recommend that I use his conveyancers in Long Stratton. Should I find my own solicitor?
Much as we are happy to recommend a Long Stratton conveyancing lawyer it’s preferable to find a conveyancing practitioner is to get recommendations from friends or relatives who have experience in using the conveyancer you're contemplating using.
I am looking at a two maisonettes in Long Stratton which have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area.
I purchased a 2 bed flat in Long Stratton, conveyancing having been completed in 2011. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Long Stratton with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
You have 52 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
We are hoping to purchase a repossessed property in Long Stratton and the vendor demand completion inside a week. Do conveyancing practitioners meet that timeframe? Would it be better to select a local Long Stratton firm or an online company that advertises to complete quickly?
Attend your Long Stratton shopping parade. Pop in to 3 firms and ask to talk to a conveyancing solicitor for an estimate. Explain your needs and try and obtain a commitment on speed. Choose the one that appears most genuine. You need to use a property lawyer on the list of property lawyers who can act for your mortgage company.