Our grandson is about to exchange on a house that has just been built in Melling with a mortgage from Leeds Building Society. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had a mortgage agreed in principle with Bank of Ireland. Melling conveyancing lawyers have been instructed. How long does it take for Bank of Ireland to send the offer to the conveyancer?
Some lenders take longer than others. Have Bank of Ireland conducted the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Melling solicitor on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
Kent Reliance have agreed my home loan in principle, my offer on a property in Melling has been accepted, what happens next?
Your property agent will want to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Telephone Kent Reliance or the financial adviser and finish off any appropriate documentation. Kent Reliance will instruct a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to occur. Once carried out (assuming no problems) it takes on average ten days to get a mortgage offer. Kent Reliance will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Melling.
I am purchasing a new build house in Melling benefiting from help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about the side-deal as it could jeopardize my mortgage with the lender. 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.
I am looking for a ground for flat up to £305k and identified one near me in Melling I like with amenity areas and station nearby, however it only has 51 remaining years left on the lease. There is not much else in Melling for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Am I best advised to instruct a Melling conveyancing practitioner who is local to the property I am purchasing? An old friend can carry out the legal work but they are based 400miles away.
The primary upside of using a high street Melling conveyancing practice is that you can drop in to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Melling know how is a benefit. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that should surpass using an unknown Melling conveyancing solicitor just because they are based in the area.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Melling. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Melling are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Melling in which case you should be looking for a Melling conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am the registered owner of a 1st floor flat in Melling, conveyancing formalities finalised in 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Melling with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2084
With 59 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do 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 should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.