My nephew is about to exchange on a house that has just been built in Cinderford with a home loan from Virgin Money. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold premises in Cinderford but still pay rent, why is this and what is this?
It’s unusual for properties in Cinderford and has limited impact for conveyancing in Cinderford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Due to the guidance of my in-laws I had a survey completed on a property in Cinderford prior to appointing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks tend not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cinderford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cinderford to see if the conveyancing will be more expensive.
Is it best to go with a Cinderford conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can carry out the conveyancing but his firm is located 200kilometers away.
The benefit of a high street Cinderford conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them if necessary. They will also have local knowledge which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were impressed that should outweigh using an unknown Cinderford conveyancing solicitor solely due to them being based in the area.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Cinderford. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Cinderford are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Cinderford in which case you should be looking for a Cinderford conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
I bought a basement flat in Cinderford, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Cinderford with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2084
With only 59 years left to run the likely cost is going to span between £20,900 and £24,200 as well as legals.
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 a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
What are the specific benefits to instructing a high street property lawyer in Cinderford
Many purchasers and sellers in Cinderford choose a local lawyer so that they can visit if they have problems, and to deliver paperwork without using the post.
There is a slight edge in using a conveyancer local to the premises you are hoping to purchase, due to the in-depth knowledge of the locality and possible local issues - yet this is moot. Most conveyancers are now via email and could be almost anywhere.