Our son-in-law is in the process of securing a new build apartment in Shepton Mallet with a mortgage from HSBC. His solicitor 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I have been told that property searches are a common reason for delay in Shepton Mallet house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Shepton Mallet.
I'm purchasing my first flat in Shepton Mallet benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not to tell my solicitor about this side-deal as it could jeopardize my mortgage with HSBC Bank. Do I keep my lawyer in the dark?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Shepton Mallet ahead of appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Shepton Mallet. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Shepton Mallet and how can you help?
The particular law that you refer to provides security of tenure to business lessees, giving them the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Shepton Mallet
I am in need of some leasehold conveyancing in Shepton Mallet. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Shepton Mallet - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a studio flat in Shepton Mallet, conveyancing formalities finalised August 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Shepton Mallet with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2081
With just 56 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.