Our son is in the process of securing a new build apartment in Becontree Heath with a mortgage from TSB. 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 form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB 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 TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Becontree Heath. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
If you intend to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
My wife and I have a renovated Edwardian property in Becontree Heath. Conveyancing solicitor represented me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold with the matching address. Is it worth asking Yorkshire Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Becontree Heath and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
I am buying a new build house in Becontree Heath with a loan from Coventry Building Society. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my solicitor about this extras as it would affect my mortgage with Coventry Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I have given up negotiating a lease extension in Becontree Heath. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the sum to be paid.
An example of a Lease Extension decision for a Becontree Heath property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The number of years remaining on the existing lease(s) was 61.36 years.
Are there common defects that you see in leases for Becontree Heath properties?
There is nothing unique about leasehold conveyancing in Becontree Heath. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I am buying a house mortgage free. I have provided solicitor with 2 distinct proof of photo identification, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer acknowledging that the funds are in place and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Becontree Heath conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.