My god-son is in the process of securing a newly built flat in Carbis Bay with a mortgage from Bank of Ireland. His lawyer has advised him of 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 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 Bank of Ireland conveyancing panel as a standard part of the process, and to the valuer when requested. 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.
Completed the sale of my flat in Carbis Bay last June yet the purchaser is telephoning every few hours complaining that his conveyancer needs to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Following your disposal your lawyer should deliver the transfer deeds and all of the paperwork to the purchaser's lawyers. If applicable, your lawyer must also confirm that the legal charge in favour of the lender has been repaid to the buyers lawyers. There is unlikely to be post completion tasks unique to conveyancing in Carbis Bay.
I had intended to instruct a conveyancing solicitor in Carbis Bay for our house purchase. Our broker informed us that our bank Virgin Money won't deal with them. Surely this is unfair competition?
A lender will require an approved conveyancer act for it. Borrowers are expected to meet the charges for this. Try using our tool to find a solicitor to carry conveyancing in Carbis Bay on the Virgin Money conveyancing panel.
Just had an offer accepted on a new build flat in Carbis Bay. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Carbis Bay
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I am looking for a ground for flat up to £245,000 and identified one close by in Carbis Bay I like with a park and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Carbis Bay suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I work for a reputable estate agent office in Carbis Bay where we have experienced a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Carbis Bay conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a split level flat in Carbis Bay, conveyancing was carried out June 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Carbis Bay with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2092
With just 68 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.