Our son-in-law is in the process of securing a new build apartment in Beaminster with a mortgage from Bank of Ireland. His lawyer has said that there is 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 form 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 Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when asked. 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 Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Beaminster is more expensive?
Beaminster leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Due to the guidance of my in-laws I had a survey completed on a property in Beaminster before appointing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will not give a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Halifax. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Beaminster. Conveyancing will be smoother if you use a solicitor in Beaminster especially if they are acquainted with such properties in Beaminster.
My step-father has urged me to instruct his lawyers for conveyancing in Beaminster. Should I find my own conveyancer?
There are no two ways about it it’s preferable to select a conveyancing lawyer is to get recommendations from friends or family who have used the conveyancer you're contemplating using.
My wife and I purchased a leasehold house in Beaminster. Conveyancing and Yorkshire Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Beaminster who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Beaminster conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a ground floor flat in Beaminster, conveyancing was carried out 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Beaminster with a long lease are worth £175,000. The ground rent is £65 per annum. The lease expires on 21st October 2080
With 58 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
My folks are experiencing difficulties in finding their Beaminster land registry title on the site. They recall that back in the 70’s when they acquired the bungalow there were complications concerning the address not being recognised in some systems.
Nearly all premises in Beaminster should show up. Have you endevoured to search with just the postcode. Ordinarily it will disclose all the properties within that postcode. Assuming the property is registered it will show up with a title number. If they bought back in the 70’s it's conceivable it may be not yet registered. The property could still be revealed but with the title number identified as 'na'. In this scenario you will need to locate the original title documentation which might be with your parent’s mortgage company.