My god-son is about to exchange on a house that has just been built in Dartmouth with a home loan from Aldermore. His lawyer has said that there is 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 form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Aldermore 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 Aldermore conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Dartmouth is more expensive?
Dartmouth leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
is it true that all Dartmouth conveyancing solicitors on the Aldermore conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Aldermore approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
We had chosen conveyancing lawyers located in Dartmouth on the Bank of Ireland solicitor panel. They have just billed me a supplemental charge for the legal aspects of the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner can levy a fee for this. This charge is not set by Bank of Ireland but by your Dartmouth solicitor. Some firms on the Bank of Ireland panel will charge ’dealing with mortgage’ fee and others do not.
Planning on purchasing a flat in Dartmouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Dartmouth solicitor is on the Co-operative conveyancing panel.
I acquired my home on 10 February and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Dartmouth said it should be formalised in a couple of weeks. Are titles in Dartmouth particularly slow to register?
There is nothing unique when it comes to conveyancing in Dartmouth registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether there are errors and if the Land registry communicate with any other parties. At present in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer delays. Historically registration is effected after the new owner is living at the property so 'speed' is not typically top priority but if there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
How does conveyancing in Dartmouth differ for newly converted properties?
Most buyers of new build property in Dartmouth contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Dartmouth tend to acquire the real estate, 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 conveyancers 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 accustomed to new build conveyancing in Dartmouth or who has acted in the same development.
I’m about to sell my 2 bed flat in Dartmouth. Conveyancing has not commenced, but I have recently received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as usual given that all ground rent and service payments will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a split level flat in Dartmouth, conveyancing formalities finalised 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Dartmouth with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2079
You have 55 years unexpired the likely cost is going to range between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.