My son-in-law is purchasing a house that has just been built in Sandbanks with a home loan from Yorkshire BS. His conveyancer 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 document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS 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 Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Sandbanks, First timers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial land in Sandbanks?
Its becoming the norm that commercial conveyancing solicitors in Sandbanks will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Sandbanks. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sandbanks.
For each commercial conveyancing transaction in Sandbanks it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Sandbanks commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Sandbanks.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Sandbanks is the location of the property. Can you shed any light on this issue?
Flying freeholds in Sandbanks are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sandbanks 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 Sandbanks 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 residence.
My husband and I are 18 days into a leasehold purchase having been directed to solicitors by the estate agent to perform conveyancing in Sandbanks. I am not happy. Could you you assist me in finding new solicitors?
A lawyer would need to be really bad in order to consider replacing them. Has the mortgage been issued? If so you need to inform them of the new solicitor and have the offer are re-issued. Your new conveyancer needs to be on the mortgage company approved list to avoid added costs and frustration. That should be your starting point. Our search tool should assist you in finding a lender approved lawyer for your conveyancing in Sandbanks
Can you provide any top tips for leasehold conveyancing in Sandbanks from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sandbanks can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Sandbanks state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. If you dont have the approvals to hand you should not contact the landlord without contacting your solicitor before hand. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a time consuming process and slows down many a Sandbanks home move. Where a new share is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible. You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I bought a split level flat in Sandbanks, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Sandbanks with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2092
You have 66 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously 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.