My grandson is about to exchange on a newly built flat in Corby with a home loan from Leeds Building Society. His conveyancer has said that there is a delay in completing 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 Leeds Building Society 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 Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold residence in Corby but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Corby and has limited impact for conveyancing in Corby 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I had intended to instruct a conveyancing solicitor in Corby for our house purchase. Our broker informed us that our bank Chelsea Building Society won't deal with them. Surely this is unfair competition?
A mortgage company can insist on a panel conveyancer act for it. You would be liable to bear the cost of this. Do use our search facility to locate a solicitor to conduct conveyancing in Corby on the Chelsea Building Society approved list of solicitors.
The deeds to our property are lost. The conveyancers who dealt with the conveyancing in Corby 10 years ago have long since closed. Will I be able to sell the house?
You no longer need to hold title official documentation to prove you are the registered proprietor of land or premises, as the Land Registry hold details of all registered land or property electronically.
I am intending to sublet my leasehold flat in Corby. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Corby do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I acquired a garden flat in Corby, conveyancing having been completed May 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Corby with a long lease are worth £181,000. The ground rent is £55 yearly. The lease ends on 21st October 2075
With 51 years left to run the likely cost is going to span between £30,400 and £35,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Our lawyer in Corby has identified a a legal deficiency with the lease for the flat we are buying in Corby. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Corby conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company