My son-in-law is buying a house that has just been built in Oval with a mortgage from Santander. His solicitor has said that there is a delay in completing 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 Santander conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My stepmother advised me that in buying a property in Oval there could be a number of restrictions as to what one can do in terms of external alterations to the property. Is this right?
There are a number of properties in Oval which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Oval should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been told by my solicitor that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Oval?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Coventry Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
After shopping around on the internet I have found a Oval conveyancing practitioner having made sure that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Oval surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I'm purchasing my first flat in Oval with a mortgage from Norwich and Peterborough Building Society. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about the extras as it may jeopardize my loan with Norwich and Peterborough Building Society. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Oval in advance of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders tend not grant a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Oval. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking to sell my house. My former conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Oval if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Oval. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225,000 flat in Oval in just under a week. The management company has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Oval?
For the majority of leasehold sales in Oval conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange enquiries
Where consent is required before sale in Oval
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Oval conveyancing firm to help?
Most definitely. We can put you in touch with a Oval conveyancing firm who can help.
An example of a Lease Extension case for a Oval residence is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case related to 1 flat. The unexpired term as at the valuation date was 74.77 years.