My son-in-law is buying a newly built flat in Sheen Park with a mortgage from Lloyds. 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold property in Sheen Park yet charged rent, why is this and what is this?
It is rare for properties in Sheen Park and has limited impact for conveyancing in Sheen Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I need some fast conveyancing in Sheen Park as I am under a deadline to exchange contracts inside 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to have searches carried out although no lawyer would suggest that you don't. With lots of history conveyancing in Sheen Park the following are instances of what can appear and therefore impact future saleability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Road Schemes,...
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Sheen Park I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Sheen Park for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Should I go with a Sheen Park conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can handle the legal work but they are based approximately 350kilometers away.
The primary upside of using a local Sheen Park conveyancing firm is that you can pop in to sign paperwork, present your identification documents and pester them where appropriate. Having local Sheen Park know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were impressed that must outweigh using an unfamiliar Sheen Park conveyancing solicitor just because they are Sheen Park based.
The property lawyers handling our conveyancing in Sheen Park has forwarded papers to review that indicate that the land is unregistered with epitome documents. How can it be that the property not registred at HM Land Regsitry?
Over ninety percent of property in Sheen Park is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Sheen Park conveyancing lawyers will be capable of dealing with such matters but if any uncertainty prevails the usual advice presently appears to be for the seller to register the title first and thereafter sell - this undoubtedly result in a significant delay.