My god-son is purchasing a house that has just been built in Newent with a mortgage from Co-operative. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Co-operative 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 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.
We are purchasing a property and require a conveyancing solicitor in Newent who is on the Co-operative solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Newent.
Various online forums that I have frequented warn that are the primary cause of stalling in Newent house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Newent.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Newent I like with a park and transport links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Newent in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I work for a long established estate agency in Newent where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Newent conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a studio flat in Newent, conveyancing having been completed in 1999. 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? Comparable properties in Newent with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2101
With just 75 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus 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 the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
We are in the process of acquiring a house in Newent. Conveyancing is not complete but we wish to have the amount we are are purchasing for a secret from sites such as Rightmove. How do I make sure this is not disclosed?
HMLR are legally required to reveal price paid information on a register of the title for domestic properties countrywide which includes properties in Newent. The register of ownership is a public document, so HMLR would be breaking the law if they did not permit access to the register.
You can ask HM Land Registry to withhold the amount paid data however the answer will be a No.