My son is in the process of securing a house that has just been built in Aylesford with a mortgage from Co-operative. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Co-operative 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 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.
It has been four months following my purchase conveyancing in Aylesford completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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.
I'm buying a new build house in Aylesford benefiting from help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my conveyancer about the extras as it will affect my loan with the bank. 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.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Aylesford and how can you help?
The particular law that you refer to provides protection to commercial tenants, granting the a statutory right to make a request to court for a new tenancy and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and handle your commercial conveyancing in Aylesford
We are 18 days into a residential purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Aylesford. We are not happy. Can you you assist me in finding new lawyers?
They would need to be really bad to suggest replacing them. Has your mortgage been generated? In the event that it has you will need to inform them of the new conveyancer and ensure the mortgage documents are issued to the new lawyers. The solicitor ideally should be on the mortgage company panel to avoid supplemental fees and frustration. So that should be your starting point. Our find a solicitor tool should help you find a lender approved conveyancer for your conveyancing in Aylesford
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Aylesford. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Aylesford ?
Most houses in Aylesford are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Aylesford so you should seriously consider looking for a Aylesford conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
I invested in buying a split level flat in Aylesford, conveyancing having been completed in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Aylesford with over 90 years remaining are worth £192,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2079
With 54 years unexpired the likely cost is going to be between £32,300 and £37,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.