My son-in-law is purchasing a newly built flat in Easthampstead with a home loan from Santander. His conveyancer has said that there is a delay in completing 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Santander 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 Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am buying a garden flat in Easthampstead. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Easthampstead you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Easthampstead.
Are there restrictive covenants that are commonly identified as part of conveyancing in Easthampstead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Easthampstead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Easthampstead differ for newly converted properties?
Most buyers of new build premises in Easthampstead come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Easthampstead tend to purchase 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 conveyancing solicitors 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 Easthampstead or who has acted in the same development.
My husband and I are FTB’s - agreed a price, yet the agent told us that the owners will only move forward if we instruct their preferred solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Easthampstead
We suspect that the seller is not behind this demand. If they require ‘a quick sale', turning down a genuine buyer is going to damage their objectives. Avoid the agents and go straight to the owners and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)but you will continue to appoint your own,trusted Easthampstead conveyancing firm - as opposed tothe ones that will give their estate agent a commission or meet his conveyancing thresholds demanded by head office.
I've recently bought a leasehold property in Easthampstead. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a garden flat in Easthampstead, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Easthampstead with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
You have 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.