Our grandson is purchasing a house that has just been built in Petersfield with a home loan from RBS. His conveyancer 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS 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 RBS 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 bought my home in Petersfield. Conveyancing solicitors have recently been instructed on the sale but I can't locate the deeds. Is this a major issue?
Don’t worry too much. First the deeds may be with the mortgage company or they may be archived with the conveyancers who oversaw your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in Petersfield relates to registered property but in the rare situation where your property is unregistered it is more of a problem but is not insurmountable.
I am aiming to move home in May. Will my conveyancing solicitor communicate with the removal company on the day of completion. On a separate note, can you put forward a removal company in Petersfield. Conveyancing solicitor was chosen before I stumbled across this site.
On the day of completion you will need to collect the house keys from the selling agent however this can only take place after the vendors conveyancers advise the agent that they acknowledge receipt of the completion payment and the keys can be released. Subsequently you can inform the removal company that you are ready to move in. We are not in a position to recommend a particular removal organisation but can help you choose a conveyancing in Petersfield or a legal practice that specialises in conveyancing in Petersfield.
We had chosen conveyancers locally in Petersfield on the Lloyds solicitor approved list. They are now charging me an additional sum for the legal aspects of the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your property lawyer may levy a fee for this. The fee is not dictated by Lloyds but by your Petersfield conveyancer. Numerous firms on the Lloyds panel will quote an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
The formalities of my purchase has taken place for my property in Petersfield. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am looking for a leasehold apartment up to £305k and found one close by in Petersfield I like with a park and station in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Petersfield for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Petersfield. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Petersfield are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Petersfield in which case you should be looking for a Petersfield conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
Petersfield Leasehold Conveyancing - Examples of Queries before buying
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Best to be warned whether a new roof is being put on or some other significant cost is coming up that will be shared by the tenants and could well dramatically increase the the maintenance costs or require a one time payment. Plenty Petersfield leasehold properties will have a service charge for maintenance of the building set on behalf of the freeholder. If you acquire the apartment you will have to pay this charge, usually quarterly during the year. This can differ from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met yearly, ordinarily this is not a significant amount, say about £25-£75 but you should to check it because occasionally it can be many hundreds of pounds. In the main the outlay for major works are not wrapped into the maintenance charges, albeit that some managing agents in Petersfield require tenants to contribute towards a sinking fund created for the specific intention of establishing a fund for larger works.
I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Petersfield. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Petersfield ?
The majority of houses in Petersfield are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Petersfield in which case you should be looking for a Petersfield conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.