Our nephew is purchasing a new build apartment in Port Talbot with a mortgage from Leeds Building Society. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Leeds Building Society 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 Leeds Building Society 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 purchased my home in Port Talbot. Conveyancing lawyers have recently been appointed on the sale but I can't find my title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they could still be with the solicitor who oversaw the purchase. Secondly in most cases 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 acquiring current official copies of the land registers. The vast majority of conveyancing in Port Talbot involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
four months have gone by following my purchase conveyancing in Port Talbot concluded. 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 premises 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 am buying a new build flat in Port Talbot. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Port Talbot
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Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared.
I want to sublet my leasehold flat in Port Talbot. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Port Talbot do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Port Talbot Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
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For most Port Talbot leaseholds the outlay for major works tend not to be built into the service charges, although some managing agents in Port Talbot ask leaseholders to pay into a sinking fund and this is used to offset against major repairs or maintenance. Please note that where the lease has no more than eighty years it will affect the marketability of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would need to own the premises for a couple of years in order to be legally able to exercise a lease extension. What is the the remaining lease term?
Our lawyer in Port Talbot has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Port Talbot. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.