Our nephew is purchasing a house that has just been built in Maryport with a mortgage from Yorkshire BS. His solicitor 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS conveyancing panel as a standard part of the process, and to the surveyor 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am considering applying for a Nationwide mortgage for purchase of a new build (under development) in Maryport with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide ?
In theory, you could use a solicitor that is not on the Nationwide conveyancing panel, but Nationwide would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We had selected solicitors based in Maryport on the Lloyds solicitor panel. They have just invoiced me a supplemental fee for handling the Lloyds mortgage. Is this a supplemental conveyancing fee set by Lloyds?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your solicitor is entitled to levy a fee for this. The fee is not set by Lloyds but by your Maryport property lawyer. Plenty of firms on the Lloyds panel will quote ’dealing with mortgage’ fee but some practices include it on their overall fee.
We are getting the release of further monies on our home loan from Bank of Ireland as we want to conduct renovations to our property in Maryport. Are we obliged to select a local Maryport solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland don't usually require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.
I recently had an offer accepted on a house in Maryport. My financial adviser pressured me to appoint their property lawyer. I paid an on account payment of £175. A few days later, the property lawyer called me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What can a local search inform me about the property we're buying in Maryport?
Maryport conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important role in most Maryport conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications relevant to the premises (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 13 subject sections.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Maryport is the location of the property. What do you suggest?
Flying freeholds in Maryport are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maryport you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maryport may decide 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.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Maryport. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Maryport are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Maryport so you should seriously consider looking for a Maryport conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I acquired a leasehold flat in Maryport, conveyancing having been completed March 2006. Can you work out an approximate cost of a lease extension? Comparable properties in Maryport with a long lease are worth £165,000. The ground rent is £50 per annum. The lease expires on 21st October 2102
With only 77 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.