My son-in-law is buying a new build apartment in Bedford with a mortgage from HSBC. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. 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 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My aunt passed away six months ago and as sole heir and executor I was left the property in Bedford. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Given you intend to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money 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 Virgin Money 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 Virgin Money mortgage is registered as a charge at the Land Registry.
How does conveyancing in Bedford differ for new build properties?
Most buyers of new build property in Bedford contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Bedford tend to buy the real estate, 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 conveyancers 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 used to new build conveyancing in Bedford or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Bedford in advance of retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies may refuse to give a loan on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Halifax. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bedford. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are FTB’s - agreed a price, yet the estate agent has warned us that the seller will only proceed if we use the agent's preferred conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer used to conveyancing in Bedford
We suspect that the owner is unaware of this ultimatum. Should the vendor require ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Speak to the owners direct and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to instruct your preferred Bedford conveyancing lawyers - not the ones that will earn the negotiator at the agency a commission or hit his conveyancing thresholds set by head office.
Last October I purchased a leasehold house in Bedford. Am I liable to pay service charges for periods before completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).
Leasehold Conveyancing in Bedford - Sample of Queries before buying
Make sure you find out if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being permitted in in a block in Bedford. If you like the flatin Bedford yet your cat is not allowed to move with you then you will be presented with a hard decision. How many of the leaseholders are in arrears for their service charge payments?