My grandson is in the process of securing a house that has just been built in Newent with a mortgage from UBS. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 UBS 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 UBS 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 planning to acquire a house and require a conveyancing solicitor in Newent who is on the Co-operative solicitor panel. Could you point me in the right direction as regards a 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.
I have been told that property searches are the primary cause of obstruction in Newent conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Newent.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Newent I like with open areas and transport links in the vicinity, the downside is that it only has 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 grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can 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 with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am a negotiator for a reputable estate agent office in Newent where we have witnessed a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Newent conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 buyer.
I acquired a studio flat in Newent, conveyancing having been completed July 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Newent with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2101
You have 75 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
We are in the process of purchasing a house in Newent. Could the conveyancer keep our transaction price private from sites such as Nestoria. How can this be achieved ?
HM Land Registry as a matter of law required to reveal price sold data on the official title for domestic properties countrywide which includes properties in Newent. The register of ownership is a public document, so HM Land Registry would be breaching their statutory duty if they failed to allow access to the register.
In essence you can make a request of HM Land Registry to hide the amount paid entry yet the response would be in the negative.