My son is about to exchange on a house that has just been built in Ashton In Makerfield with a mortgage from Santander. His conveyancer 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 Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Ashton In Makerfield. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 26/7/2024, the requirements read as follows :
It has been 3 months following my purchase conveyancing in Ashton In Makerfield concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Ashton In Makerfield differ for new build properties?
Most buyers of new build residence in Ashton In Makerfield approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Ashton In Makerfield usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ashton In Makerfield or who has acted in the same development.
I decided to have a survey completed on a house in Ashton In Makerfield prior to retaining solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you e-mail us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ashton In Makerfield. Conveyancing will be smoother if you use a solicitor in Ashton In Makerfield especially if they are acquainted with such properties in Ashton In Makerfield.
I am a negotiator for a busy estate agency in Ashton In Makerfield where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Ashton In Makerfield conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Ashton In Makerfield Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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What is the yearly service fee and ground rent? Who are the managing agents?