Our son-in-law is about to exchange on a new build apartment in Beaconsfield with a home loan from HSBC. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
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 HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We're in Beaconsfield, First timers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have just purchased a probate house at auction in Beaconsfield. Conveyancing is needed. What are my next steps?
Having legally committed yourself to purchase you should hire the services of a conveyancing solicitor soon as you are faced with a tight a fixed date to complete the conveyancing. All auction property should have a bespoke auction pack. This will include evidence of title and search results. Where you are dealing with leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must pass this on to the solicitor instructed by you ASAP. Do make sure that you have funds in place to complete on the on the contractual date .
How can we know in advance if a Beaconsfield conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Beaconsfield seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer carrying out your transaction.
I can not work out if my lender requires a lease extension. I have called into my local Beaconsfield bank branch on various occasions and was told it wasn't a problem and they will lend. My Beaconsfield conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I simply don't know who is right.
Your conveyancer must follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a flat up to £305k and found one close by in Beaconsfield I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Beaconsfield for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I am looking into buying my first house which is in Beaconsfield and I am already nervous. I couldn't find anything specific about Beaconsfield. Conveyancing will be needed in due course but do you know about the Beaconsfield area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Beaconsfield. In the meantime here are some basic statistics that we found
My wife and I purchased a leasehold flat in Beaconsfield. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Beaconsfield who previously acted has long since retired. Any advice?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Beaconsfield conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a 2 bed flat in Beaconsfield, conveyancing was carried out 10 years ago. How much will my lease extension cost? Equivalent properties in Beaconsfield with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2081
You have 58 years left to run we estimate the price of your lease extension to be between £21,900 and £25,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.