My god-son is purchasing a house that has just been built in Norfolk 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 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 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.
It is 10 years ago since I acquired my house in Norfolk. Conveyancing lawyers have now been appointed on the sale but I am unable to track down my title deeds. Is this a problem?
Don’t worry too much. First the deeds may be retained by the lender or they may be in the possession of the solicitor who acted in the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Norfolk relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
How does conveyancing in Norfolk differ for newly converted properties?
Most buyers of new build property in Norfolk approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Norfolk usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Norfolk or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Norfolk I like with a park and transport links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Norfolk in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am a negotiator for a reputable estate agency in Norfolk where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Norfolk conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer 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 purchaser.
Norfolk Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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Most Norfolk leasehold apartments will be liable to pay a service charge for the upkeep of the block invoiced by the freeholder. Where you buy the apartment you will have to meet this amount, normally periodically accross the year. This may vary from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge to be met annual, this is usually not a significant figure, say around £50-£100 but you should to enquire it because occasionally it can be prohibitively expensive. Is anyone aware of any major works in the near future that could add a premium to the service fees? What restrictions are there in the Norfolk Lease?
Why can I not complete our conveyancing in Norfolk on May bank holiday?
Because on completion the funds needs to be transferred electronically between the banks of the buyer and owner’s lawyer and currently this can only occur on a working day. It is not possible to complete on a weekend either.