Our son is in the process of securing a house that has just been built in Elland with a mortgage from Virgin Money. His conveyancer 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 engaged in the purchase. 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 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 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.
Completed the sale of my flat in Elland last April yet the purchaser is calling every few hours complaining that their lawyer needs to hear from mysolicitor. What are the post completion sale formalities now that I have sold?
After completion of your house sale your lawyer is committed to send the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your conveyancer should also send confirmation that the home loan has been discharged to the buyers solicitors. There is unlikely to be post completion formalities peculiar conveyancing in Elland.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Elland is the location of the property. What do you suggest?
Flying freeholds in Elland are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Elland you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elland may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm refinancing my primary house to a buy to let loan with Godiva Mortgages Ltd and intend to use the remaining equity as a deposit on a second house. The location we are interested in is Elland. Will your conveyancers be able to act for the two mortgage companies and tie in the conveyances?
Make use of our search tool on this site to check that the lawyers are approved by both banks. On the basis that they are your solicitor will be able to tie up the two transactions but you should talk with you solicitor and specify your expectations and requirements.
I have been sourcing a conveyancing practitioner in Elland for my house move. Is it possible to review a solicitor's record with the legal regulator?
One can search for presented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may monitor telephone calls for training reasons.
I work for a busy estate agent office in Elland where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Elland conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a studio flat in Elland, conveyancing formalities finalised in 2002. How much will my lease extension cost? Equivalent properties in Elland with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2080
You have 55 years left to run the likely cost is going to span between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.