My son-in-law is about to exchange on a house that has just been built in St Leonard Shoreditch with a mortgage from HSBC. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your search tool for St Leonard Shoreditch conveyancing solicitors on the RBS conveyancing panel? Do RBS send you an updated list?
St Leonard Shoreditch conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
My aunt passed away 10 months ago and as sole heir and executor I was left the house in St Leonard Shoreditch. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
If you intend to refinance then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
Should my solicitor be raising enquiries about flooding during the conveyancing in St Leonard Shoreditch.
Flooding is a growing risk for solicitors specialising in conveyancing in St Leonard Shoreditch. Plenty of people will acquire a house in St Leonard Shoreditch, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a number of checks that can be carried out by the purchaser or by their conveyancers which can figure out the risks in St Leonard Shoreditch. The standard completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to discover whether the premises has suffered from flooding. If the premises has been flooded in past which is not notified by the seller, then a purchaser could bring a claim for damages as a result of such an inaccurate response. The buyer’s lawyers should also conduct an environmental search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
I have todaybeen informed that Stirling Law have been shut down. They carried out my conveyancing in St Leonard Shoreditch for a purchase of a leasehold flat 18 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Leonard Shoreditch conveyancing specialists.
I am looking at a couple of flats in St Leonard Shoreditch which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in St Leonard Shoreditch is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with St Leonard Shoreditch conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the leaseholder of a second floor flat in St Leonard Shoreditch. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the premium.
An example of a Lease Extension matter before the tribunal for a St Leonard Shoreditch property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The remaining number of years on the lease was 72.39 years.