Our nephew is about to exchange on a newly built flat in Tamworth with a home loan from Aldermore. His lawyer has said that there is 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 form 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 Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Tamworth costs more?
Tamworth leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
How does conveyancing in Tamworth differ for newly converted properties?
Most buyers of new build premises in Tamworth contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Tamworth tend to purchase the site, 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 Tamworth or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Tamworth I like with a park and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Tamworth for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease 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 current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
How easy is it to use your search tool to find a conveyancing lawyer in Tamworth on the approved list for my mortgage?
Step one is to pick a bank such as HSBC Bank, The Royal Bank of Scotland or Britannia then specify your location e.g. Tamworth. Conveyancing firms in Tamworth and further afield will then be listed.
We are soon to acquiring a home in Tamworth. Can our lawyer have our purchase price a secret from sites such as Rightmove. Is this possible and how?
HMLR as a matter of law obliged to disclose price sold data on the official title for domestic properties countrywide including premises in Tamworth. The register of ownership is a public document, so the Land Registry would be breaching their statutory obligations excluded specific properties such as the property in Tamworth.
You can ask HM Land Registry to hide the price paid entry yet the answer would be a No.