My nephew is buying a house that has just been built in Prestwich with a home loan from Skipton. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Skipton 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the registered owner of a freehold residence in Prestwich but still pay rent, why is this and what is this?
It’s unusual for properties in Prestwich and has limited impact for conveyancing in Prestwich but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
How does conveyancing in Prestwich differ for newly converted properties?
Most buyers of new build premises in Prestwich contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because builders in Prestwich tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Prestwich or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Prestwich is where the house is located. Can you offer any advice?
Flying freeholds in Prestwich are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prestwich you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prestwich may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it simple use your search app to select a conveyancing practitioner in Prestwich on the panel for my bank?
1st choose a bank such as National Westminster Bank, Skipton Building Society or Barclays Direct then type in your location for example Prestwich. Conveyancing practices in Prestwich and across England and Wales should be identified.
We own a leasehold flat in Prestwich. Conveyancing was finalised in 2010. I have been told that I mustn’t allow the lease length get too low. Why is that a problem?
Prestwich leasehold properties are for a prescribed period - usually 99 years when they are first granted. However many flats in Prestwich were built or converted 35 or more years ago and so these leases now have fewer than eighty years remaining. This may sound like plenty of time however Banks, Building Societies and other mortgage institutions tend to require leases to have at least 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing seventy five years. To optimize your property value you should be thinking about whether to extend your lease long before you come to sell it. You should note that there are significant benefits to taking action before the lease reaches even eighty years as when the lease falls below eighty years the amount to be paid to extend starts to increase.