My son is in the process of securing a house that has just been built in Berkeley with a mortgage from Nationwide. His lawyer has advised him of a delay in completing 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 involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide 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 Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am buying a semi-detached house in Berkeley. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Berkeley you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Berkeley.
I'm purchasing my first flat in Berkeley benefiting from help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about the deal as it will affect my mortgage with the bank. Is this normal?.
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 am looking for a flat up to £305k and found one round the corner in Berkeley I like with open areas and station nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Berkeley suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
All being well we will complete the disposal of our £275,000 flat in Berkeley next week. The managing agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Berkeley?
For most leasehold sales in Berkeley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in Berkeley
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a leasehold flat in Berkeley, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Berkeley with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2087
With 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Partway through the sale of a leasehold flat in Berkeley. Conveyancing lawyers are doing their job but we are being charged an extortionate amount from the managing agents. To date we have issued a cheque for £250 for a leasehold management information and then another £200 plus VAT for responses to questions supplied by the purchaser's conveyancing practitioner.
You will not have any say over the level of the charges for this information however the typical costs for the information for Berkeley leasehold premises is £350. When it comes to Berkeley conveyancing sales it is customary for the vendor to pay for these costs. The freeholder or their agents are not duty bound to address such questions although many will agree to do so - albeit often at exorbitant prices disproportionate to the work involved. Regretfully there is no law that requires capped fees for administrative tasks. There is no legal time limit by which they are required to provide answers.