Our son is about to exchange on a house that has just been built in Stansted with a home loan from Yorkshire BS. His solicitor has said that there is 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 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 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 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.
I am assisting my mother sell her flat in Stansted. Will the solicitor order the energy performance certificate or it is for the seller to coordinate?
After the demise of HIPs, EPC’s was kept a mandatory element of selling a property. An EPC needs to be to hand prior to the property being marketed. It is not a task that conveyancers ordinarily arrange. Where you are using a Stansted conveyancing lawyer they might be willing to arrange energy performance certificates given their contacts with reputable local energy assessors
A relative pointed out to me me that in buying a property in Stansted there could be a number of restrictions as to what one can do in terms of external changes to the property. Is this right?
There are anumerous of properties in Stansted which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Stansted should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am selling my flat. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being pedantic. The Stansted solicitor who is on the Nottingham conveyancing panel is saying indemnity insurance will be fine but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham 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.
Various web forums that I have come across warn that are the number one reason for stalling in Stansted conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Stansted.
It has been 2 months since my purchase conveyancing in Stansted concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Stansted is where the house is located. Can you shed any light on this issue?
Flying freeholds in Stansted are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stansted you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stansted 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 premises.
I am employed by a busy estate agency in Stansted where we see a number of flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Stansted conveyancing firms. Can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a garden flat in Stansted, conveyancing formalities finalised in 1999. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Stansted with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2092
With just 66 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional 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.