My god-son is purchasing a new build apartment in Nine Elms with a home loan from Virgin Money. His conveyancer has said that there is a delay in completing 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 transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money 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 Virgin Money 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 the registered owner of a freehold house in Nine Elms but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Nine Elms and has limited impact for conveyancing in Nine Elms 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would prefer to appoint a local conveyancing solicitor in Nine Elms?
Do check but the the likelihood is that allocate you one of their panel solicitors should you take up the "fee-free" incentive. Speak to the lender and explore if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Nine Elms.
We are intent on selling our house in Nine Elms and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a factory type conveyancing outfit rather than a conveyancing solicitor in Nine Elms. Having lived in Nine Elms for six years we know that this is a non issue. Do we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Due to the advice of my in-laws I had a survey completed on a property in Nine Elms in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to issue a loan on such a house.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Nine Elms. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to finding a Nine Elms conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Nine Elms conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Nine Elms conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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What are the legal fees for lease extension work? Can they put you in touch with clients in Nine Elms who can give a testimonial?
I am the leaseholder of a second floor flat in Nine Elms. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to decide the premium.
An example of a Lease Extension decision for a Nine Elms property is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case affected 1 flat. The unexpired term was 57.06 years.