My grandson is buying a new build apartment in Portslade with a home loan from Santander. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Santander conveyancing panel as a standard part of the process, and to the valuer 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.
Will lawyers request money on account for conveyancing in Portslade?
If you are buying a property in Portslade your lawyer will ask you to provide them with funds to cover the search fees. Normally this is called for to cover the fees of the Local Authority Search. When the deposit is as part of the sale price then this should be needed shortly before exchange of contracts. The closing balance that is needed will be payable shortly before completion.
I am buying a new build house in Portslade benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of extras instead. The estate agent told me not inform my solicitor about this deal as it would affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 have been on the look out for a leasehold apartment up to £195,000 and found one near me in Portslade I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Portslade in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be problematic. Discount the price 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 start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Last August I purchased a leasehold property in Portslade. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Portslade Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Many Portslade leasehold properties will be liable to pay a service bill for the upkeep of the block levied on behalf of the freeholder. Should you purchase the apartment you will have to meet this amount, normally quarterly throughout the year. This can vary from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent for you to pay annual, this is usually not a exorbitant figure, say around £50-£100 but you should to enquire as sometimes it could be many hundreds of pounds. Be sure to discover if there are any onerous restrictions in the lease. By way of example it is reasonably common in Portslade leases that pets are not permitted in in a block in Portslade. If you love the propertyin Portslade however your cat is not allowed to live with you then you have a very difficult decision. What restrictions exist in the Portslade Lease?
We are in the middle of buying a property in Portslade. Conveyancing solicitor has phoned to say the title is "Leasehold". Should this adversely affect the marketability of the house?
Portslade conveyancing does not in most situations involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a adverse impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be set out in the lease provided to your solicitor.