My god-son is about to exchange on a new build apartment in Norton Woodseats with a home loan from Clydesdale. His lawyer has said that there is a delay in receiving 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 Clydesdale 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 Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lenders provide you with an approved list of Norton Woodseats conveyancing solicitors? How do you know who is on the UBS conveyancing panel?
Norton Woodseats conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
My solicitor has informed me that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Norton Woodseats conveyancing?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such insurances.
I had a mortgage agreed in principle with Co-operative. Norton Woodseats conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative conducted the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Virgin Money have agreed my mortgage in principle, my offer on a apartment in Norton Woodseats has been agreed to, what are the next steps?
The estate agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s approved list). Call up Virgin Money or your financial adviser and finish off any outstanding documentation. Virgin Money will sellect a valuer who will get in touch with the selling agent or seller to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Virgin Money will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Norton Woodseats.
I have todaydiscovered that Wolstenholmes have been shut down. They conducted my conveyancing in Norton Woodseats for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Norton Woodseats conveyancing specialists.
I am purchasing my first flat in Norton Woodseats benefiting from help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my conveyancer about the deal as it would adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently bought a leasehold house in Norton Woodseats. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Norton Woodseats, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Norton Woodseats with an extended lease are worth £171,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2104
With just 79 years unexpired the likely cost is going to span between £8,600 and £9,800 plus professional fees.
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 detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.