We are purchasing a newly built flat in Downe and my lawyer is informing me that she has to the lender to disclose incentives from the builder. I am on a tight deadline to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold house in Downe but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Downe and has limited impact for conveyancing in Downe 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Virgin Money Solicitor panel ahead of completing my conveyancing in Downe?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Just bought a detached house in Downe , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Downe conveyancing solicitor has been painfully slow, so I want to check the post completion formalities are concluded.
As far as conveyancing in Downe registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can differ depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. As of today roughly 80% of submission are fully addressed in less than three weeks but occasionally there can be protracted delays. Registration occurs after the buyer has moved in to the property thus 'speed' is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
I am purchasing my first flat in Downe benefiting from help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about this deal as it could put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Downe. I am keen to extend my lease but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the freeholder. For most situations an enquiry agent may be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court covering Downe.
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Downe. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to decide the price.
An example of a Lease Extension decision for a Downe premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.