My son is buying a house that has just been built in Thurrock with a home loan from Barclays. His solicitor has advised him of a delay in completing 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 Barclays conveyancing panel as a standard part of the process, and to the surveyor 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Thurrock last October but our buyer keeps calling me to moan that his lawyer is waiting to hear from myconveyancer. What should my lawyer have done following completion?
After completion of your disposal your conveyancer should deliver the transfer documentation and all of the paperwork to the buyer’s solicitors. Where relevant, your lawyer should also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers lawyers. There is unlikely to be post completion requirements peculiar conveyancing in Thurrock.
We are selling our house in Thurrock and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the buyers instructed a factory type conveyancing firm rather than a conveyancing solicitor in Thurrock. We have lived in Thurrock for 4 years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
My wife and I own a renovated Edwardian property in Thurrock. Conveyancing practitioner represented me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Lloyds TSB Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thurrock and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who completed the work.
How does conveyancing in Thurrock differ for new build properties?
Most buyers of new build residence in Thurrock come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Thurrock typically 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 conveyancers 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 Thurrock or who has acted in the same development.
I am looking at a two flats in Thurrock which have approximately fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Thurrock is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, 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 property 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 Thurrock 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 purchased a basement flat in Thurrock, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Thurrock with over 90 years remaining are worth £176,000. The ground rent is £50 levied per year. The lease ends on 21st October 2105
You have 80 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 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 renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.