My nephew is purchasing a new build apartment in Torpoint with a home loan from Coventry BS. His solicitor 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 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 Coventry BS 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 Coventry 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 the registered owner of a freehold premises in Torpoint but still charged rent, why is this and what is this?
It’s unusual for properties in Torpoint and has limited impact for conveyancing in Torpoint but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have todaydiscovered that Action Conveyancing have closed. They conducted my conveyancing in Torpoint for a purchase of a freehold house 18 months ago. How can I establish that the property is in my name in the name of the previous owner?
The quickest way to check if the property is registered to you, you can make 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 Torpoint conveyancing specialists.
How does conveyancing in Torpoint differ for newly converted properties?
Most buyers of new build or newly converted property in Torpoint contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Torpoint usually purchase the real estate, 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 used to new build conveyancing in Torpoint or who has acted in the same development.
I decided to have a survey carried out on a house in Torpoint prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will not issue a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Torpoint. Conveyancing may be slightly more expensive based on your lender's requirements.
I am downsizing from my property. My past lawyers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Torpoint if that makes things easier.
You should use our search tool to help you choose a solicitor for your conveyancing in Torpoint. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.