Our son is buying a new build apartment in Whitmore with a home loan from Virgin Money. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 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.
My lawyer in Whitmore is not listed on the Norwich and Peterborough Building Society Solicitor Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society approved list?
The limited options open to you here include:
- Complete the purchase with your preferred Whitmore solicitors but Norwich and Peterborough Building Society will need to instruct a solicitor on their panel. This will inevitably rack up the total legal fees as well as result in delays.
- Choose an alternative solicitor to to deal with the conveyancing, not forgetting to check they are Convince your lawyer to use their best endeavours to join the Norwich and Peterborough Building Society conveyancing panel
Have purchased a a semi-detached house in Whitmore , how long should it take for the Land Registry to register my title? My Whitmore conveyancing solicitor works at snail pace, so I want to be sure that my name is recorded.
As far as conveyancing in Whitmore is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ subject to who lodges the application, whether there are errors and if the Land registry must send notices to any 3rd persons or bodies. At present roughly 80% of such applications are completed in less than three weeks but occasionally there can be protracted delays. Registration occurs after the new owner is living at the property thus an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying a new build house in Whitmore with a loan from Virgin Money. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not to tell my conveyancer about the side-deal as it will impact my mortgage with the lender. Should I keep quiet?.
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.
Having checked my lease I have discovered that there are only 62 years left on my lease in Whitmore. I now want to get lease extension but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the lessor. For most situations a specialist may be helpful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Whitmore.
I am the registered owner of a 1st floor flat in Whitmore, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Whitmore with a long lease are worth £211,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2093
With just 68 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. 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.
What type of premises does your Whitmore conveyancing quotes apply to?
The quotes supplied are only appropriate to standard residential premises in England & Wales. If you have any different requirements for example industrial or agricultural land or commercial conveyancing in Whitmore please contact us to discuss your requirements .