Our grandson is about to exchange on a new build apartment in Cheam with a mortgage from Principality. 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 document 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 Principality 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 Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should my conveyancer be raising questions concerning flooding as part of the conveyancing in Cheam.
Flooding is a growing risk for solicitors dealing with homes in Cheam. There are those who buy a house in Cheam, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous searches that may be initiated by the buyer or by their conveyancers which should figure out the risks in Cheam. The standard property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the vendor to determine if the property has historically flooded. If flooding has previously occurred which is not notified by the seller, then a buyer could issue a claim for damages resulting from an misleading reply. A buyer’s lawyers will also conduct an environmental search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
How does conveyancing in Cheam differ for newly converted properties?
Most buyers of new build property in Cheam contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Cheam usually buy the site, 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 conveyancing solicitors 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 Cheam or who has acted in the same development.
How can the Landlord & Tenant Act 1954 affect my business offices in Cheam and how can you help?
The particular law that you refer to provides security of tenure to business lessees, giving them the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Cheam
I need to instruct a conveyancing solicitor for sale conveyancing in Cheam. I have land on a web site which looks to be the ideal answer If there is a chance to get all formalities completed via web that would be preferable. Should I be concerned? 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 house in Cheam. Do I have any liability for service charges for periods before completion of my purchase?
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. A critical element 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).
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Cheam. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Cheam conveyancing firm who can help.
An example of a Lease Extension case for a Cheam property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The remaining number of years on the lease was 60.43 years.