Our nephew is in the process of securing a new build apartment in Shipston on Stour with a home loan from Lloyds. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document 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 Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Does a directory service exist listing Santander panel solicitors in Shipston on Stour on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings open the public online. If you are seeking to appoint a Shipston on Stour property lawyer on the Santander please use our facility.
I am selling my apartment. I had a double glazing fitted in June 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Aldermore are being problematic. The Shipston on Stour solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase apartment in Shipston on Stour. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shipston on Stour conveyancing practitioner is on the UBS conveyancing panel.
Will my conveyancer be making enquiries regarding flooding during the conveyancing in Shipston on Stour.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Shipston on Stour. There are those who purchase a house in Shipston on Stour, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be initiated by the purchaser or by their lawyers which will figure out the risks in Shipston on Stour. The standard information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to find out if the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a buyer may commence a legal claim for losses as a result of such an misleading response. A purchaser’s lawyers should also conduct an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries should be made.
How does conveyancing in Shipston on Stour differ for new build properties?
Most buyers of new build or newly converted property in Shipston on Stour contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Shipston on Stour 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 Shipston on Stour or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Shipston on Stour I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Shipston on Stour for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Shipston on Stour. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Shipston on Stour are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Shipston on Stour in which case you should be looking for a Shipston on Stour conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I acquired a ground floor flat in Shipston on Stour, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Shipston on Stour with over 90 years remaining 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 2082
With only 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.