Our god-son is about to exchange on a newly built flat in Seahouses with a mortgage from Leeds Building Society. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Leeds Building Society conveyancing panel as a standard part of the process, and to the valuer 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.
My husband and I decided to purchase a newbuild apartment in Seahouses with a residential mortgage from The Mortgage Works.We would like to retain our Seahouses conveyancing lawyer but The Mortgage Works informed us his firm is not on their approved list of member firms. we are left little option but to use a The Mortgage Works panel lawyer or keep our high street solicitor and pay for a The Mortgage Works panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the The Mortgage Works conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
Various online forums that I have visited warn that are the number one reason for obstruction in Seahouses conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Seahouses.
How does conveyancing in Seahouses differ for new build properties?
Most buyers of new build property in Seahouses come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Seahouses typically 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 conveyancing solicitors 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 Seahouses or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Seahouses before instructing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some lenders tend refuse to issue a loan on this type of home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Seahouses. Conveyancing will be smoother if you use a solicitor in Seahouses especially if they regularly deal with such properties in Seahouses.
Last September I purchased a leasehold house in Seahouses. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
I purchased a 2 bed flat in Seahouses, conveyancing formalities finalised May 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Seahouses with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2079
With just 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.