My son-in-law is purchasing a new build apartment in Danbury with a mortgage from Virgin Money. His conveyancer 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 engaged in the transaction. 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 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 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.
What does my ID and proof of funds have anything to do with my conveyancing in Danbury? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you need to sign should confirm this. Your lender will also require certain documents to be checked. If you refuse to supply identification documents, your conveyancer would not be able to act for you.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Danbury. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
Various internet forums that I have come across warn that are the primary cause of hinderance in Danbury conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Danbury.
How can the Landlord & Tenant Act 1954 impact my commercial property in Danbury and how can your lawyers assist?
The 1954 Act provides protection to business tenants, giving them the legal entitlement 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 complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Danbury
I am looking at a two flats in Danbury which have approximately 50 years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I am the registered owner of a 1st floor flat in Danbury, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Equivalent properties in Danbury with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2083
With only 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.