My son is in the process of securing a new build apartment in Wells with a home loan from Virgin Money. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Virgin Money 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Wells is where the house is located. What do you suggest?
Flying freeholds in Wells are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wells you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wells may ascertain 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 residence.
How do I use your search tool to select a conveyancing solicitor in Wells on the approved list for my bank?
Step one is to select a bank such as Barclays , The Royal Bank of Scotland or Alliance & Leicester then choose your preferred area for instance Wells. Conveyancing organisations in Wells and across England and Wales should be listed.
My husband and I are novice buyers - had an offer accepted, but the property agent has warned us that the owners will only go ahead if we instruct the agent's recommended conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer with experience of conveyancing in Wells
It is highly unlikely the vendors are behind this. Should the seller want ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Try to communicate with the owners directly and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you will continue to instruct your preferred Wells conveyancing solicitors - rather thanthose that will give their negotiator at the agency a introducer fee or hit his conveyancing targets demanded by HQ.
Harry (my fiance) and I may need to sub-let our Wells 1st floor flat for a while due to a career opportunity. We instructed a Wells conveyancing firm in 2001 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Wells do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I am the registered owner of a 1 bedroom flat in Wells, conveyancing formalities finalised March 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Wells with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2089
With just 65 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Living abroad it is not practicable to be present at my Wells conveyancing solicitors office to sign documents connected to my conveyancing in Wells – will this be problematic?
You need not be concerned. Wells conveyancing solicitors can deal with home moves for clients across the country. It is not necessary for you to be able to visit a Wells conveyancers office. They can handle everything via phone, post and email - whatever works for you.