My son-in-law is in the process of securing a new build apartment in Trearddur Bay with a home loan from Nationwide. His solicitor has advised him of 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are purchasing a flat and require a conveyancing solicitor in Trearddur Bay who is on the Co-operative solicitor panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Trearddur Bay.
My bank has recommended solicitors on their panel based in Trearddur Bay but I would rather use a conveyancing lawyer in Trearddur Bay or nearer to where I live. Are you able to help?
It is by no means the case that all Trearddur Bay conveyancing practices are listed all banks conveyancing panel. Use our search tool to choose a Trearddur Bay conveyancing solicitor on the on the lender panel.
It has been five months since my purchase conveyancing in Trearddur Bay took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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.
I work for a long established estate agency in Trearddur Bay where we have witnessed a number of flat sales jeopardised due to short leases. I have received contradictory information from local Trearddur Bay conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I bought a split level flat in Trearddur Bay, conveyancing formalities finalised in 2005. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Trearddur Bay with over 90 years remaining are worth £260,000. The ground rent is £45 per annum. The lease runs out on 21st October 2100
You have 74 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Partway through the sale of a leasehold flat in Trearddur Bay. Conveyancing lawyers are doing their job but we are being charged a fortune from the landlord. To date we have paid £275 for a leasehold management information and then another £117.20 for additional questions supplied by the purchaser's solicitor.
Neither you or your conveyancing practitioner will have any sway over the level of the fee for this information but the average costs for the information for Trearddur Bay leasehold premises is £395. When it comes to Trearddur Bay conveyancing deals it is usual for the vendor to cover the charges. The freeholder or their agents are not duty bound to answer these questions although many will agree to do so - albeit often at high prices out of proportion to the work involved. Unfortunately there is no law that requires capped charges for administrative tasks. There is no legal time limit by which they are duty bound to issue answers.