My god-son is in the process of securing a newly built flat in Oakham with a home loan from UBS. His lawyer has advised him of 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 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.
Can you help - my lawyer advises that lack of planning permission insurance is necessary on my purchase. What is the level of cover for Oakham conveyancing?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
My fiancee and I are at the point of looking at houses in Oakham and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Yorkshire BS.
It would be advisable to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are getting a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Oakham bank branch on various occasions and was told it wasn't an issue and they would lend. My Oakham conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their specific requirements. I simply don't know who is right.
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
4 months have elapsed following my purchase conveyancing in Oakham completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Oakham I like with open areas and station nearby, the downside is that it's only got 61 years on the lease. There is not much else in Oakham suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I was recommended by three or four local property agents in Oakham to find a property lawyer on your site. What’s the financial upside for Estate Agents to market your lawyers ahead of another?
We refuse to offer any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Sixweeks into a sale of a flat in Oakham. Conveyancing is fine but we have been asked to pay a fortune by the managing agents. To date we have issued a cheque for £225 for a leasehold management pack and then a further £117.20 for additional questions supplied by the purchaser's lawyer.
Neither you or your property lawyer will have any say over the extent of the fee for this information but the average fee for the information for Oakham leasehold premises is £380. When it comes to Oakham conveyancing deals it is usual for the owner to pay for these costs. The landlord or their agents are under no legal obligation to address such questions although many will agree to do so - albeit often at exorbitant prices out of proportion to the work involved. Unfortunately there is no legislation that requires fixed charges for administrative tasks. There is no set time frame by which they are duty bound to supply the information.