My nephew is about to exchange on a house that has just been built in Edmonton with a home loan from Barclays. His lawyer has said that there is a delay in receiving 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 engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Barclays 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 Barclays conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I require expedited conveyancing in Edmonton as I have an ultimatum to exchange contracts within 2 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not taking a mortgage you have the choice not to do searches although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Edmonton the following are instances of what can show up and adversely affect future saleability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
The estate agent has sent us the confirmation of our purchase of a new build apartment in Edmonton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Edmonton
There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Edmonton I like with amenity areas and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Edmonton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Should I instruct a Edmonton conveyancing solicitor based in the location that I am purchasing? An old friend can conduct the conveyancing however they are based approximately 350miles away.
The benefit of a high street Edmonton conveyancing practice is that you can pop in to sign paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that must trump using an unfamiliar Edmonton conveyancing lawyer solely due to them being based in the area.
I am tempted by the attractive purchase price for a couple of maisonettes in Edmonton both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Edmonton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Edmonton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Edmonton. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Vesting Order and Purchase of freehold case for a Edmonton premises is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The unexpired term as at the valuation date was 80.01 years.