My nephew is buying a house that has just been built in Weybridge with a home loan from Principality. 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will our lawyer be raising questions about flooding during the conveyancing in Weybridge.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Weybridge. There are those who acquire a property in Weybridge, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their lawyers which can give them a better appreciation of the risks in Weybridge. The conventional set of information supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the seller to determine if the property has ever been flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a claim for damages as a result of such an misleading response. The buyer’s conveyancers will also commission an environmental search. This should disclose whether there is any known flood risk. If so, further inquiries will need to be conducted.
About to purchase a new build flat in Weybridge. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Weybridge
-
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I decided to have a survey completed on a property in Weybridge before appointing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to grant a loan on this type of home.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Weybridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Weybridge to see if the conveyancing will be more expensive.
In what way can the Landlord & Tenant Act 1954 impact my business property in Weybridge and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business tenants, granting the legal entitlement to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Weybridge is one of the many locations in which the firms we work with have offices
Can you provide any top tips for leasehold conveyancing in Weybridge with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Weybridge can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Weybridge leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor in the first instance. Many landlords or Management Companies in Weybridge charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Weybridge. A minority of Weybridge leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate is often a time consuming formality and slows down many a Weybridge home move. Where a new share certificate is needed, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Weybridge conveyancing firm to help?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to judgment on the price payable.
An example of a Lease Extension case for a Weybridge flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired residue of the current lease was 82.93 years.