Our grandson is about to exchange on a newly built flat in Lytchett Matravers with a home loan from Santander. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. 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.
My partner and I are selling our home in Lytchett Matravers and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Lytchett Matravers lawyer would know this is not the case. It does beg the question why the buyers used a web based conveyancing outfit as opposed to a conveyancing solicitor in Lytchett Matravers. Having lived in Lytchett Matravers for many years we know of no issue. Should we contact our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Me and my brother own a 4 bedroom Edwardian property in Lytchett Matravers. Conveyancing lawyer represented me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching property. Is it worth asking Bank of Ireland to clarify?
You need to read 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 Lytchett Matravers and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Lytchett Matravers differ for newly converted properties?
Most buyers of new build or newly converted property in Lytchett Matravers contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Lytchett Matravers usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Lytchett Matravers or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Lytchett Matravers is where the house is located. Can you offer any assistance?
Flying freeholds in Lytchett Matravers are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lytchett Matravers you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lytchett Matravers may ascertain 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 premises.
What makes a Lytchett Matravers lease unmortgageable?
There is nothing unique about leasehold conveyancing in Lytchett Matravers. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the property Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Lytchett Matravers - A selection of Questions you should ask Prior to Purchasing
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The best form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this scenario the leaseholders benefit from control and even though a managing agent is often employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the ground rent and service charge? Does the lease have onerous restrictions?