Our god-son is about to exchange on a new build apartment in Saltash with a home loan from Aldermore. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Aldermore 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 Aldermore 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 looking to buy a house and require a conveyancing solicitor in Saltash who is on the Platform Home Loans Ltd solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Platform Home Loans Ltd in certain locations such as Saltash. We dont recommend any particular firm.
A colleague informed me that in buying a property in Saltash there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are a number of properties in Saltash which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Saltash should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Skipton, do Saltash conveyancers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Saltash building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Saltash conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend based on their specific requirements. Who do I believe?
The lawyer has to comply with the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying a property and the solicitor has raised the issue of Chancel Repair to which the house could be liable because it falls into the area of such a church. She has suggested insurance. Is this strictly required for conveyancing in Saltash
Unless a prior acquisition of the house took place after 12 October 2013 you can assume that lawyers conducting conveyancing in Saltash to remain recommending a chancel search and or insurance against a claim.
My step-father has recommend that I use his conveyancers in Saltash. Do I take his recommendation?
There are no two ways about it it’s preferable to select a conveyancing solicitor is to seek guidance from friends or relatives who have used the conveyancer that you are contemplating using.
I work for a reputable estate agency in Saltash where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Saltash conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a studio flat in Saltash, conveyancing was carried out in 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Saltash with a long lease are worth £165,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2103
With only 78 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.