My nephew is in the process of securing a house that has just been built in Lydney with a home loan from Virgin Money. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Virgin Money conveyancing panel as a standard part of the process, and to the valuer when asked. 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.
What does a local search tell me about the property we're buying in Lydney?
Lydney conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search plays an important part in many a Lydney conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
My wife and I purchased a renovated Edwardian property in Lydney. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lydney and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing lawyer who carried out the work.
I am buying a new build apartment in Lydney. Conveyancing is daunting 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 is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Lydney
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey done on a house in Lydney before appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not grant a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lydney. Conveyancing may be slightly more expensive based on your lender's requirements.
My brother is buying a basement flat in Lydney. He has received an estimate by the conveyancer connected to the selling agents and it came to £1385 . It was 7 years ago since I sold and purchased a property and the fee was £500. Have fees really increased to that extent?
You should call a few local Lydney conveyancing firms requesting estimates. It is advisable to base your choice not only on cost, but on promptness and on how comprehensive the response is.