Our son-in-law is buying a newly built flat in Bartley Green with a home loan from Coventry BS. His solicitor has said that there is a delay in receiving 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 purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Bartley Green for our house move. Our broker has since advised us that our mortgage company Nottingham Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Lenders in the main imposes restrictions either the category or the number of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a firm must have two or more partners. In addition to restricting the type of firm, some have reduced the number of firms they use to represent them. Be aware that Nottingham Building Society have no responsibility for the quality of advice provided by any member of Nottingham Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there are mixed opinions about the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that hundreds of law firms, including some in or near Bartley Green only conduct a couple conveyances a year.
I have justbecome aware that Wolstenholmes have closed. They conducted my conveyancing in Bartley Green for a purchase of a leasehold flat 12 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bartley Green conveyancing specialists.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Bartley Green is the location of the property. Is there any guidance you can give?
Flying freeholds in Bartley Green are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bartley Green you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bartley Green may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to retain a conveyancing solicitor for remortgage conveyancing in Bartley Green. I happened to stumble upon a site which seems to have the perfect answer If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last July I purchased a leasehold house in Bartley Green. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. Strange as it may seem, 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).
I own a garden flat in Bartley Green, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding flats in Bartley Green with an extended lease are worth £265,000. The ground rent is £50 per annum. The lease terminates on 21st October 2098
With 76 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.