My son-in-law is purchasing a newly built flat in Whetstone with a home loan from Co-operative. His conveyancer 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 form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative 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 planning on selling our home in Whetstone and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Whetstone. Having lived in Whetstone for three years we know of no issue. Do we contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You need to check with 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 life insurance to cover that same ailment)
I'm purchasing a new build house in Whetstone benefiting from help to buy. The builders would not move on the price so I negotiated £7000 of additionals instead. The property agent advised me not disclose to my solicitor about the extras as it could jeopardize my loan with Accord Mortgages Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in Whetstone in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some banks tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Whetstone. Conveyancing may be slightly more expensive based on your lender's requirements.
Last December I purchased a leasehold property in Whetstone. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Whetstone. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension case for a Whetstone flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The number of years remaining on the existing lease(s) was 76 years.
At long last our conveyancing in Whetstone is completing on Friday, however the owners I am purchasing from wishes to vacate on the Saturday afternoon. Can I accept such a idea?
In situations where you need a loan then your lawyer will require that the property isvacant on Friday - the mortgage company will require it.