Our son is about to exchange on a newly built flat in Birkenhead with a mortgage from Aldermore. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
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 Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Have purchased a a detached house in Birkenhead , What is the estimated time for the Land Registry to record my ownership? My Birkenhead conveyancing solicitor has been painfully slow, so I want to be sure the registration formalities are dealt with.
There is nothing unique about conveyancing in Birkenhead registration formalities. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and if the Land registry need to notify any 3rd parties. As of today approximately three quarters of such applications are completed in less than three weeks but some can be subject to longer delays. Registration takes place once the purchaser has moved in to the premises therefore post completion formalities is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I am purchasing my first flat in Birkenhead with a loan from HSBC Bank. The builders would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not to tell my lawyer about this side-deal as it may jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Due to the input of my in-laws I had a survey completed on a house in Birkenhead prior to retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some lenders tend not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Birkenhead. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for leasehold conveyancing in Birkenhead. I happened to land on a web site which appears to be the ideal offering If there is a chance to get all formalities done via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold property in Birkenhead. Am I liable to pay service charges relating to a period prior to my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Birkenhead Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Are there any major works in the planning that could add a premium to the service costs? The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the lessees enjoy control and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. It would be prudent to discover as much as you can about the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the upkeep of the communal areas. Don't be afraid to ask other people whether they are happy with their service. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.