My son-in-law is buying a newly built flat in Newcastle upon Tyne with a home loan from HSBC. 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 document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold property in Newcastle upon Tyne but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Newcastle upon Tyne and has limited impact for conveyancing in Newcastle upon Tyne but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
We're in Newcastle upon Tyne, FTBs purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in Newcastle upon Tyne I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Newcastle upon Tyne for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Is it possible to switch firm as I need to choose a firm on the Norwich and Peterborough Building Society conveyancing list. I instructed a local conveyancing solicitor in Newcastle upon Tyne round the corner but he is not accepted by Norwich and Peterborough Building Society
We will our best to assist in finding you a conveyancing solicitor in Newcastle upon Tyne on the Norwich and Peterborough Building Society panel. Please note that the solicitors that we on the directory do not pay us fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Newcastle upon Tyne. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Newcastle upon Tyne.
Expecting to complete next month on a studio apartment in Newcastle upon Tyne. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Newcastle upon Tyne should include some of the following:
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What the implications are if you are in breach of your lease terms? Repair and maintenance of the flat Responsibility for maintaining the window frames Does the lease prevent you from subletting the flat, or working from home Setting out your legal entitlements in respect of the communal areas in the building.For example, does the lease provide for a right of way over a path or hallways?
Newcastle upon Tyne Leasehold Conveyancing - A selection of Questions you should consider before buying
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Most Newcastle upon Tyne leasehold apartments will be liable to pay a service charge for maintenance of the building levied by the freeholder. Should you purchase the flat you will have to meet this amount, normally in instalments throughout the year. This could be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge for you to pay yearly, normally this is not a large amount, say approximately £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds. This question is useful as a) areas can result in problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the tenants have an issue with the managing agents you will wish to have all the details Who manages the block?