My grandson is in the process of securing a house that has just been built in Market Drayton with a mortgage from Co-operative. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document 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 Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can your site be used to recommend a Conveyancing solicitor in Market Drayton even if I’m not buying or selling a house, for example if I wish to acquire a shop in Market Drayton with a mortgage from Chelsea Building Society?
The service is primarily used to locate domestic conveyancing solicitors in Market Drayton but we have listed towards the end of this page a selection of Market Drayton commercial conveyancing firms. You should enquire with the firm directly to see if they are also authorised to represent Chelsea Building Society
I had intended to instruct a property lawyer in Market Drayton for our house purchase. Our broker has since advised us that our mortgage lenders Britannia won't deal with them. Why is this not regarded as unfair competition?
Banks tend to imposes restrictions either the type or the volume of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, some have reduced the number of solicitor practices they permit to act for them. Be aware that Britannia have no responsibility for the quality of advice provided by any member of Britannia Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are mixed views concerning the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Market Drayton only execute very few conveyances a year.
Just had an offer accepted on a new build flat in Market Drayton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Market Drayton
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Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan.
What advice can you give us when it comes to finding a Market Drayton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Market Drayton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Market Drayton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What are the charges for lease extension work? How familiar is the practice with lease extension legislation?
I bought a ground floor flat in Market Drayton, conveyancing formalities finalised January 2012. Can you work out an approximate cost of a lease extension? Corresponding flats in Market Drayton with over 90 years remaining are worth £260,000. The ground rent is £45 yearly. The lease runs out on 21st October 2099
With 74 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
How and when do I incur stamp duty chargeable for my house transaction in Market Drayton?
The lawyer should complete a stamp duty return on your behalf as part of your Market Drayton purchase transaction for you to sign. On completion your property lawyer will submit your STL application to the Inland Revenue and - assuming they have the money - discharge any tax bill due on your behalf.