Our son is in the process of securing a newly built flat in Basingstoke with a mortgage from Coventry BS. His conveyancer 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 form 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 Coventry BS conveyancing panel as a standard part of the process, and to the surveyor 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.
Have purchased a a semi-detached house in Basingstoke , What is the estimated time for the Land Registry to record my proprietorship? My Basingstoke conveyancing solicitor works at snail pace, so I want to be certain that my ownership is registered.
As far as conveyancing in Basingstoke registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. Currently approximately 80% of submission are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration occurs once the new owner is living at the property thus 'speed' is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
How does conveyancing in Basingstoke differ for new build properties?
Most buyers of new build or newly converted property in Basingstoke come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Basingstoke tend to buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Basingstoke or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Basingstoke I like with open areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Basingstoke for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I am hoping to complete next month on a ground floor flat in Basingstoke. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Basingstoke should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Whether the lease restricts you from letting out the flat, or having a home office for business Responsibility to repair and maintain the main walls and foundations. It is important for you to know who is liable for the repair and maintenance of every part of the building Advice concerning the obligations as set out in the lease to to contribute towards maintenance costs - in relation to the building, and the more general rights a lessee has You would want to receive a copy of the lease
Basingstoke Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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Where a Basingstoke lease has fewer than eighty years it will have adverse implications on the salability of the property. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this will be. For most Basingstokelease extensions you would need to own the premises for a couple of years before you are entitled to extend the lease. For most Basingstoke leaseholds the outlay for major works tend not to be included within service charges, although a few managing agents in Basingstoke obliged tenants to contribute towards a reserve fund created for the specific purpose of building a fund for larger works. Is there a share of the freehold?
At long last our conveyancing in Basingstoke is completing this Friday, yet the person I am buying off has asked to vacate on the Saturday at 2pm. Should I accept such a plan?
You can't complete on a Saturday due to the bank systems are not working.